Contracts of Foreign Investors at Inactive SEZs to be Reviewed

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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

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