NAY PYI TAW May 6
Vice Chairman of the State Administration Council Deputy Commander-in-Chief of Defence Services Commander-in-Chief (Army) Vice-Senior General Soe Win and party this afternoon met with officials from Thilawa Special Economic Zone Management Committee at the meeting hall of the management committee chairman.
First, Chairman of the management committee U Ye Naing Tun reported to the Vice-Senior General on progress of the zone and work undertakings.
Chairman of the Myanmar Economic Zone Work Committee of the zone Union Minister of Commerce Dr Pwint Hsan presented current situation of the zone, efforts of the State in solving the problems, and future plans.
Those attendees discussed investments in the special economic zone.
After coordinating the reports, the Vice-Senior General said that the Thilawa Special Economic Zone established through cooperation between Myanmar and Japanese governments from 2015-2016 financial year was invested with US$-2.12 billion in total within eight years.
More than 17,000 Myanmar shareholders from nine Myanmar companies and three Japanese companies operate the SEZ with 10 percent investment from Myanmar government, 41 percent from Myanmar citizen company, 10 percent from Japanese government and 39 percent from Japanese company, respectively. With regard to the work procedures, the management committee needs to coordinate necessary measures for implementing the work projects in the remaining land plots among the sold land plots of more than 5,000 acres of allowed land areas. Upon completion of the projects in phases, the SEZ will create more than 300,000 jobs, up from 13,300 at present. Hence, it is necessary to systematically coordinate the various measures. X-ray machines should be installed to supervise whether correct supply of raw materials is distributed to the respective zone areas or not. Regarding the spending on special economic zones, it needs to be line with the 2014 special economic zone law and the monetary policy included in the notification (12/2022 dated 3-4-2022. It is also necessary to convince potential investors that the country has a strong monetary policy. More efforts must be made to attract international investors with brochures of Myanmar Japan Thilawa Development (MJTD), media and websites. Interesting companies must be assisted in producing Seintalone mangoes and other crops like butter bean in cans. Then, growers will have benefits and can avoid low prices. Electricity being used in Thilawa SEZ should be generated from solar power and wind power to replace gas or LNG which have to be imported with foreign exchange. Such generation of electricity by individual companies or zones can contribute to the national consumption as well as private consumption. Measures must be taken to prevent loss of revenues that the State deserve and invite new investments.
More efforts are necessary to make this special economic zone the first, most successful and ideal one.
Next, the Vice-Senior General and party inspected displayed items of Thilawa SEZ and gave necessary instructions to officials.
Then they inspected L S- Gaon Cable Myanmar factory CP Hsinphyudaw cement factory and their operations where they were conducted round by officials. The Vice-Senior General asked for further questions and attended to the needs.
So far, 94 companies from 21 countries have invested in Thilawa SEZ. After 89 companies suspended operation in the COVID-19 third wave in 2021, the work committee and management committee motivated them to resume and 82 have resume their operations. The remaining ones are planning to re-operate.