doing business in myanmar – what you need to know as a singaporean
From April to August of the mini budget period, the foreign investments in Thilawa Special Economic Zone Project has dropped by US$ 18.5 million compared with the same period last year, according to a press conference by Myanmar Investment Commission on August 29.
Than Aung Kyaw, Deputy Director of Directorate of Investment and Companies Administration (DICA) said: “During five months of the mini budget period, the government has allowed foreign investments worth over US$ 171.100 million.”
Between April and August in 2017-2018 FY, the total foreign investments granted under the Thilawa Special Economic Zone Law amounted to US$ 189.6 million.
According to the Commerce Ministry, the total investments by about around 150 oversea companies are expected to hit US$ 1.7 billion after the completion of Thilawa Special Economic Zone.
Currently, 17 countries have invested in Thilawa Special Economic Zone. The 89 factories have got the green-light for operations while 39 factories have started their commercial operations.
Dr Shwe Hein, Secretary of Thilawa Special Economic Zone Management Committee said: “Zone-A is 90 complete. Companies have got investment permits only as infrastructures in Thilawa Special Economic Zone-B are under construction.”
On February 24, the first phase of a 101-hector project in Zone-B (250 acres) of Thilawa Special Economic Zone-B was launched.
The first phase of Thilawa Special Economic Zone-B is expected to complete in mid-2018. Since late 2017, some land spaces have been leased out to investors.
SOURCE: ELEVEN MYANMAR
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