doing business in myanmar – what you need to know as a singaporean
The Maungdaw government and NAAF Galaxy, which comprises six companies including three local companies, will sign a memorandum of understanding (MoU) on October 30, said Aung Myint Thein, chairman of the Maungdaw border traders association and secretary of the Kanyin Chaung trade zone implementing committee.
“We are developing Kanyin Chaung economic zone project. We developed it as a trading zone after 2012. The vice president and Union minister for planning and finance instructed us to develop an economic zone. It will not be big like a special economic zone; we will analyze which products we can export,” he said.
“The planning and finance minister will be here at the end of this month to inspect the project. We will sign the MoU with the NAAF Galaxy company on October 30.”
The three local companies are Khin Aye Myat Phyu and Family Aye Chan from Maungdaw, and Oakka Zwe from Buthidaung.
The project will be implemented with K1.5 billion from state government budget and K700 million from the developer to clear land, erect fencing, to build a 1.6-mile (2.5-kilometre) long road and to build a police station, a fire station and rest houses for workers. The work is expected to start before April 2018.
“We will create job opportunities as it is easy for terrorists to persuade unemployed people to join their cause.
The economy has struggled due to terrorist activities. Security forces are doing their work, but it is not possible to conduct business until peace is restored completely,” Aung Myint Thein said, adding: “We will produce local products such as fishery products.”
The economic zone is located at about 100 acres (40 hectares) of land near Kanyin Chaung village about two miles from Maungdaw. When it is finish implemented, trade between Myanmar and Bangladesh will increase and locals will earn more money, said Kyaw Aye Thein, state minister for finance, revenue, planning and economy.
The Kanyin Chaung trade zone was developed on November 1, 2015. The project is still being developed, with a capacity for about 300 tonnes of shipping.
Myanmar and Bangladesh signed an MoU on May 18, 1994, and border trade started on September 5, 1995.
Source: Eleven Myanmar
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