Union MIFER Minister visits investment projects in Yangon Region, inspects acceptance procedures of Covid-19 loan applications

Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo visited operation of Shwe Me Thar Logistic Service Co., Ltd under the permission of Myanmar Investment Commission in Yangon Region, Shwepyitha Industrial Zone. The responsible personnel from the industry greeted the team led by Union Minister and explained the operational procedures, transportation processes of containers through Hline River to Thilawa port and other local ports, the current situation on rice export to foreign countries. The Union Minister attended to the needs of the industry for the expansion of the investment.
After that, the Union Minister also visited the Resources Group Logistic Co., Ltd for dry port services under the permission of the Myanmar Investment Commission in Ywathagyi of Yangon Region. At the place of the investment, the executives of the company made a presentation about the situations of operating dry port services by utilizing the Yangon-Mandalay railroad, providing warehouse services, exporting and handling the cargo and operating customs clearance services by using bonded warehouse system. The Union Minister discussed suggestions to promote the investment activities of the company.
In the afternoon, the Union Minister visited the office of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and initiated a meeting with Foreign Chambers of Commerce in Yangon and members from the UMFCCI. The attendees of the meeting discussed the operational challenges and the need for assistance from relevant departments for the smooth operation of the investment activities. At the meeting, the Union Minister emphasized the upcoming plans regarding cooperation with relevant departments to facilitate the foreign investors, simplification of the procedures of the ministry, improvement of online services, reducing barriers to investment, improving the cooperation with business associations and discussed and coordinated the submitted issues of the attendees. The Union Minister also encouraged the attendees for closer cooperation with MIFER.
Then, the Union Minister inspected the acceptance of application forms for providing Covid loans for businesses in the fishery sector from the Covid-19 fund. The investors may apply for the loan in person at UMFCCI head office or online till 30 September 2021. —MNA