Government to support internationally recognized gold market in Yangon

U Phyo Min Thein prom­ised that the govern­ment is committed to providing support for an inter­nationally recognized gold mar­ket in Yangon.

“Our government is trying to implement a gold market in line with rules and regulations,” he said at the 17th Annual Meet­ing of Myanmar Gold Entre­preneurs Association, held at Times City (Jewelry Mall) on October 6.

There are two different mar­kets currently operating in My­anmar. One based in Manda­lay for the northern Myanmar regions, and the other based in Yangon for southern part of Myanmar.

This caused conflicts and con­fusion in the price of gold with­in Myanmar.

The gold market in Mandalay is often affected by activities on gold trade with China and India, while gold market in Yangon is more affected by the global gold market. Thus, U Phyo Min Thein called for collaboration between the government and Myanmar Gold Entrepreneurs Association for an internation­ally recognized gold market.

They are planning to open an international gold and jewelry market consisting of various jewelry shops.

Myanmar is strategically lo­cated between the world’s two most populous nations, and this has man benefits and poten­tial for economic growth, but a gold market located in this area would need to be stable enough to resist being overly influenced by the regional giants.

One Stop Service Center (OSSC) for gold trade was opened at Myanmar Culture Valley in People’s Square in Yangon on October 24, 2018. The center consists of offices for the Customs Department, theInternal Revenue Department, the Ministry of Commerce, the Ministry of Natural Resources and Environmental Conserva­tion, the Myanmar Gold Entre­preneurs Association, and other related organizations.

Despite the green light from the government for gold export since September 2018, gold has only been exported from Myanmar on three occasions. However, the Myanmar Gold Entrepreneurs Association said last month that Myanmar will export gold leaf and gold bars to the EU, Hong Kong, and Dubaistarting this month.

Source: Myanmar Business Today

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

 Opportunities from COVID19


Looking for foreign investors to invest in your business in Myanmar