MIC discusses nationwide extension of industrial zones

The Myanmar Investment Commission is discussing the nationwide extension of industrial zones with region and state governments and will invite new investors and developers, said Aung Naing Oo, the director-general of the Directorate of Investment and Company Administration.

The MIC has already received proposals from companies in Hong Kong and South Korea for the establishment of garment industrial zones in the country. The MIC is in talks with region and state governments over the allotment of land plots for the industrial zones.

The establishment of separate industrial zones rather than mixed industrial zones would bring more benefits to the country, according to the MIC.

Local and foreign investors will be required to carry out the businesses as they are described in their proposals. Businesses that deviate from their proposals will have their licences revoked by the MIC.

The investment supervisory department will conduct regular checks on industrial zone operations. All investors will be required to submit reports to the MIC every three months.

The MIC mainly grants licences to investments that can create employment opportunities for Myanmar citizens.

 

Source: Eleven Myanmar

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