China proposes exclusive industrial zone with Myanmar: UMFCCI

CHINESE businessmen have proposed setting up a Myanmar-China exclusive industrial zone in Myanmar, according to U Zaw Min Win, the President of The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry.

“Chinese businessmen are running factories in Hlinethaya Township. They came to us to discuss establishing a Myanmar-China exclusive industrial zone,” said U Zaw Min Win.

If they are committed to responsible business, we are willing to invite investments by setting up a Myanmar-China exclusive industrial zone, said U Zaw Min Win, while submitting the request at the 29th meeting of Vice President U Myint Swe with private entrepreneurs.

The Yangon Region government is planning to sell land to those engaged in the private business development sector. The land will be sold under two categories — commercial business and housing.

“The regional government’s intervention in the property sector is aimed at governing the manipulation of property prices. It has been heard that foreign investors are feeling the strain from high land prices in Myanmar,” said U Phyo Min Thein, the Yangon Region Chief Minister.

“Foreigners are not allowed to wholly invest in land, but they can set up joint ventures with local businessmen. Land will be sold only to those investors who run a legitimate business. After that, the regional government will pay out compensation for confiscated farmland,” said U Phyo Min Thein.

With the income generated from selling the land, the regional government will pay over K200 billion in compensation to farmers whose farmlands have been confiscated.

Land in Hlinethaya, Shwephyitha, and four Dagon Myothit townships is up for sale. Yangon Region has 29 industrial zones. China is the second largest foreign investor in Myanmar. Between 1988 and July-end 2019, 372 China-listed enterprises have brought in US$20.8 billion into the country.

Source: Global New Light of Myanmar

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