Although Thilawa SEZ is being operated with more than US$2 billion investment among three SEZs, it should not be satisfied with such achievement as its investment amount is lesser than neighbouring countries, Southeast Asian countries and Asian countries, said the Vice-Senior General.
Vice-Chairman of the State
Administration Council Deputy Prime Minister Vice-Senior General Soe Win, who
is in the capacity of Chairman of the Central Committee on Myanmar Special
Economic Zones, delivered a speech at the first meeting of the central committee
for the 2024-25 financial year at the Ministry of Commerce in Nay Pyi Taw
yesterday afternoon.
In his speech, the Vice-Senior
General highlighted that production forces such as all industrial zones in
regions and states and MSME businesses, in addition to SEZs, need to increase
high-quality export products on the one hand, and it is necessary to strive for
further increase of local and foreign investments in relevant zones.
He stressed the need to attract
further investments for the ongoing Thilawa SEZ, initiate the Kyaukpyu SEZ, and
invite developers to invest in the Dawei SEZ.
He underlined that officials have to
supervise service personnel not to commit abuse of authority and prevent
illegal trade, monetary abuse, and weak management so as not to lose existing
investments.
The Vice-Senior General said he
recognizes the efforts of chairpersons from relevant task forces and foreign
exchange management committees to solve difficulties in raw materials and loans
at the promotion zone of Thilawa SEZ.
Likewise, he continued to say that as
a policy has been adopted to manage compensation for land plots of Kyaukpyu SEZ.
So, it is necessary to complete all work processes as soon as possible.
The Vice-Senior General stressed that
all measures of Kyaukpyu SEZ must be done entirely within the extended 18-month
long stop date term.
He recounted that MSME businesses
supplied K2.1 billion worth of raw materials to the SEZs in March 2024.
He underscored that Thilawa SEZ
earned more than K361 million in March 2024, K4.6 billion of commercial tax and
K760 million of pre-income tax while exporting $13.34 million worth of exports
and importing $52.27 million worth of imports.
The Vice-Senior General noted that relevant
task forces and management committees have to encourage companies from the
promotion zone of Thilawa SEZ to raise more export volume in order to reduce
the gap between export and import values.
With regard to power supply, the
Vice-Senior General highlighted that if the zones use electricity from solar
systems, the supply time of electricity will be extended in other regions and
states.
Law experts and procedure experts of
Myanmar have to carefully verify appropriate factors when signing the
memorandum of interest for Dawei SEZ to initiate a win-win situation between
both sides, he added.
Joint Secretary of the Central
Committee Deputy Minister for Commerce U Min Min reported on accomplishment for
the minutes of meeting 1/2024 of the Central Committee.
Secretary-1 Union Minister U Aung
Naing Oo and Secretary-2 Union Minister U Tun Ohn presented measures to
implement the Myanmar SEZs successfully.
Chairpersons from the management
committees of SEZs sought approvals from the meeting for relevant reports.
Union ministers and attendees took part in the meeting.
The meeting approved the minutes of
the first meeting of the central committee for the 2024-25 financial year.
MNA/TTA
#TheGlobalNewLightOfMyanmar
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