Dubai Keen to Invest in Myanmar Gold

Dubai Gold Entrepreneurs Association wants to invest US$200 million in the gold industry in Myanmar, said U Kyaw Win, the secretary of Myanmar Gold Entrepreneurs Association.

The Dubai-based association expressed their interest in Myanmar’s gold sector at the Asia Pacific Precious Metals Conference, held recently in Singapore.

Eight delegates from Myanmar and businesses from other countries attended the event which was held for the first time in the island-state.

At that conference, the Dubai Gold Entrepreneurs Association said it is interested in opening a bank in Myanmar by investing $200 million, specifically servicing the gold market in Myanmar.

“We discussed it roughly. We will report this matter to our union minister.

“If the businesses in Dubai come here, they will have to meet with our minister.

“This investment can be done only with the permission from all relevant departments. We need to secure the permit before it can be done. There will need to be discussions,” said U Kyaw Win.

Although Dubai Gold Entrepreneurs Association does not have a bank in their country, it is allowed to do business according to their country’s policy.

He added that associations are not allowed to conduct business in Myanmar. If the associations want to do business, they need to establish public companies and banks.

Currently, citizens can directly establish their own banks in Myanmar but associations need to form public companies if they want to set up a bank.

To set up foreign bank branches in Myanmar, they first need to establish representative offices and then the Central Bank of Myanmar will decide whether or not to grant licenses to open a branch.

At present, there are 13 foreign banks which have been granted a license to open a branch in Myanmar. These banks support trading and international transactions but are not involved in the gold industry.

Another 48 foreign financial institutions have opened representative offices in the country. They are waiting for the permission from the Central Bank to open bank branches.

 

Source: Myanmar Times

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