Myanmar should establish new special economic zones and contracts with foreign investors at inactive SEZs should be reviewed, the commerce minister has said.
Dr Than Myint, chairman of the SEZ Central Working Committee and Union Minister of the Ministry of Commerce, was speaking at a meeting with union ministers.
“SEZs are one of the most important things to the country’s development. The progress of the zones are of great importance to leading developed nations,” said Dr Than Myint.
Ministers discussed the progress of the three main SEZs and the implementation of new SEZs in other regions and states to attract more foreign investment during the meeting.
According to Yangon Mayor U Maung Maung Soe, new SEZs with access to international sea ports and airports will be developed in Dala, Kyun Chan Gone and Kawhmu Townships in 2018.
Chairman Dr Than Myint urged legal experts to participate in contract agreements between foreign investors and regional and state governments.
Contract agreementsfrom inactive special economic zones will be revised, according to the committee.
“We’ve begun dialogue on the inactive Dawei and Kyaukphyu Special Economic Zones and we will review agreements with foreign investors,” said U Khin Maung Lwin, deputy permanent secretary of the Ministry of Commerce.
Despite being under development for years, both the Dawei and Kyaukphyu SEZs have yet to get off the ground with the projects being plagued by disputes over unfair land acquisition and environmental concerns.
The Thilawa SEZ however, has already approved $900 million of investment from 74 firms. Development of the project’s much larger second phase, the 700 hectare Zone B, started in November last year.
Under the directives of the Vice-President, the SEZ Central Working Committee was formed with officials from multiple union ministries, the Union Attorney-General’s Office, committee chairpeople from SEZs and special economic zone experts.
Source: Myanmar Business Today