Relevant chief ministers also have to urge MSME businesspeople and agencies to supply domestic quality raw materials as import-substitute products to Thilawa SEZ.
Although Thilawa SEZ is being operated with more than US$2 billion investment among three SEZs, it should not be satisfied with such achievement as its investment amount is lesser than neighbouring countries, Southeast Asian countries and Asian countries, said the Vice-Senior General.
Vice-Chairman of the State Administration Council Deputy Prime Minister Vice-Senior General Soe Win, who is in the capacity of Chairman of the Central Committee on Myanmar Special Economic Zones, delivered a speech at the first meeting of the central committee for the 2024-25 financial year at the Ministry of Commerce in Nay Pyi Taw yesterday afternoon.
In his speech, the Vice-Senior General highlighted that production forces such as all industrial zones in regions and states and MSME businesses, in addition to SEZs, need to increase high-quality export products on the one hand, and it is necessary to strive for further increase of local and foreign investments in relevant zones.
He stressed the need to attract further investments for the ongoing Thilawa SEZ, initiate the Kyaukpyu SEZ, and invite developers to invest in the Dawei SEZ.
He underlined that officials have to supervise service personnel not to commit abuse of authority and prevent illegal trade, monetary abuse, and weak management so as not to lose existing investments.
The Vice-Senior General said he recognizes the efforts of chairpersons from relevant task forces and foreign exchange management committees to solve difficulties in raw materials and loans at the promotion zone of Thilawa SEZ.
Likewise, he continued to say that as a policy has been adopted to manage compensation for land plots of Kyaukpyu SEZ. So, it is necessary to complete all work processes as soon as possible.
The Vice-Senior General stressed that all measures of Kyaukpyu SEZ must be done entirely within the extended 18-month long stop date term.
He recounted that MSME businesses supplied K2.1 billion worth of raw materials to the SEZs in March 2024.
He underscored that Thilawa SEZ earned more than K361 million in March 2024, K4.6 billion of commercial tax and K760 million of pre-income tax while exporting $13.34 million worth of exports and importing $52.27 million worth of imports.
The Vice-Senior General noted that relevant task forces and management committees have to encourage companies from the promotion zone of Thilawa SEZ to raise more export volume in order to reduce the gap between export and import values.
With regard to power supply, the Vice-Senior General highlighted that if the zones use electricity from solar systems, the supply time of electricity will be extended in other regions and states.
Law experts and procedure experts of Myanmar have to carefully verify appropriate factors when signing the memorandum of interest for Dawei SEZ to initiate a win-win situation between both sides, he added.
Joint Secretary of the Central Committee Deputy Minister for Commerce U Min Min reported on accomplishment for the minutes of meeting 1/2024 of the Central Committee.
Secretary-1 Union Minister U Aung Naing Oo and Secretary-2 Union Minister U Tun Ohn presented measures to implement the Myanmar SEZs successfully.
Chairpersons from the management committees of SEZs sought approvals from the meeting for relevant reports. Union ministers and attendees took part in the meeting.
The meeting approved the minutes of the first meeting of the central committee for the 2024-25 financial year. — MNA/TTA
Salient points from the speech made by the Vice-Senior General at the first meeting of the Central Committee on Myanmar Special Economic Zones
1. Relevant chief ministers also have to urge MSME businesspeople and agencies to supply domestic quality raw materials as import-substitute products to Thilawa SEZ.
2 Thilawa SEZ is operated with a more than US$2 billion investment among the three SEZs.
3. MSME businesses supplied K2.1 billion worth of raw materials to the SEZ in March 2024.
4. Thilawa SEZ earned more than K361 million in March 2024, K4.6 billion in commercial tax and K760 million in pre-income tax while exporting $13.34 million worth of export products and importing $52.27 million worth of import goods.
5. Law experts and procedure experts of Myanmar have to carefully verify appropriate factors when signing the memorandum of interest for Dawei SEZs to initiate a win-win situation between both sides.
