Myanmar invites JVs pearl farms for the first time since 2016

Local and foreign companies have been invited to set up joint ventures with state-owned pearl farms in Kaw Ye Gyi Island, Tanintharyi Region, said U Tay Zar
Lin, deputy general manager from Myanmar Pearl Enterprise (MPE), which is under the Ministry of Natural Resources and Environmental Conservation.This is the first time the National League for Democracy government is calling for joint ventures involving Myanmar’s pearl farms since 2016.

Pearl farms involved in breeding pearl oysters will be implemented across 5257 acres of the island vicinity, 5220 acres in the water and 37acres on land.
“Currently, pearl production is being carried out at 12 islands in the region. This invitation is for a new site, taking the total number of pearl farming sites to 13,” he said.Tender documents will be made available from July 10 and applications will close on August 5. Further announcements on the tender will be made later.Of the 12 pearl farming sites in the country, one is state-owned, seven are run by Myanmar-based companies while four are foreign companies. Under existing regulations,the companies must form joint ventures with the government and sign production sharing contracts under which MPE takes a share of all the pearls produced.

In fiscal 2019-20, some 400 pearl lots producing more than 100,000 pearls worth more than €2.6 million were sold, mostly to buyers from Hong Kong, China, Japan and the US. The biggest producer of pearls in Tanintharyi is Myanmar Tasaki Co Ltd, a Japanese joint venture with the MPE.

The move to expand the number of pearl farms comes amid a decline in production in recent years. In 2017-18, a total of 687,000 pearls were produced compared to
627,000 pearls in 2013-14. Production hit a peak in 2016-17, when a total of 752,800 gems were supplied, according to the Ministry of Natural Resources and
Environmental Conservation.
Despite the higher production, the value of the pearls sold has been sliding. In 2017-18 the government generated more than K10 billion in revenues from the sales of locally produced pearls, down from K16 billion the year before, according to the Ministry of Natural Resources and Environmental Conservation. – Translated

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Source : Myanmar Times

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