Myanmar company wins pearl farm joint venture

Virgin Pearl Enterprise Ltd, a local company, has won a tender to develop a pearl farm under a joint venture with the government in Kaw Ye Gyi Island, Tanintharyi Region, said U Tay Zar Lin, Deputy General Manager from state-owned Myanmar Pearl Enterprise (MPE).

The work involves breeding pearl oysters across 5257 acres of the island’s vicinity – 5220 acres in the water and 37 acres on land. UK urges British nationals to leave Myanmar amid
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The development comes after local and foreign companies were invited to tender in July. It is also the first time the National League for Democracy government is calling for joint ventures with the private sector to develop Myanmar’s pearl farms.

MPE invited private companies to set up pearl farms at the new site for pearl production as part of a wider plan to develop the pearl farming industry in accordance with the Myanmar Pearl Law, U Tay Zar Lin said.

Virgin Pearl Enterprise will invest a total of K5 billion over five years to develop the pearl farm in the Kaw Ye Gyi Island area.

In Myanmar, there are currently 12 pearl farming sites – one run by MPE, seven by Myanmar-based companies and four by foreign companies. The biggest producer of pearls in Tanintharyi is Myanmar Tasaki Co Ltd, a Japanese joint venture with the MPE.

Kaw Ye Gyi Island is a new site for pearl production, bringing the total number of pearl farms in the country to 13 pearl farming sites.

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.

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.

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Source : Myanmar Times

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