doing business in myanmar – what you need to know as a singaporean
Rakhine State has received over Ks760 million from the Shwe gas project and over US$0.8 million from the Southeast Asian oil and natural gas project for its education and basic infrastructure sectors, according to a report of a committee on implementing recommendations on Rakhine State.
The report said the investment committee had been formed on July 7 2017, and an office of the Directorate of Investment and Companies Administration for Rakhine State was opened on October 30, 2017. According to Myanmar Citizens Investment Law, a total of 19 investments including six investments in livestock and fishery sectors, two investments in construction sector and 11 investments in hotel and tourism sectors have been approved.
One foreign investment in the mining sector, 27 foreign investments in the energy sector and one foreign investment in the service sector are allowed in line with foreign investment law.
A total of 1,001 locals received compensation from the government for their land to develop the projects and build government offices. Among them, compensation for seven locals has been requested for the 2018-19 fiscal year, it said.
The investors donated Ks30 million each for 50 villages in Kyaukpyu Township and opened a free training to operate machinery by cooperating with Caterpillar Company, it said.
It said negotiations have been held with International Labour Organization (ILO) to conduct a labour market assessment (LMA). Vocational trainings for woman are provided and 2,160 trainees have participated in 22 training sessions.
Local woman from Kyaukpyu attended tailoring classes and agricultural training in Yangon organized by GIZ. A total of 250 women are employed at Mart, the Khine Pyae Soe garment factories and a Shwe Kyar loom factory. The Shwe and Southeast Asia oil and gas projects provide employment opportunities for 250 locals.
Source: Eleven Myanmar
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