U Phyo Min Thein promised that the government is committed to providing support for an internationally recognized gold market in Yangon.
“Our government is trying to implement a gold market in line with rules and regulations,” he said at the 17th Annual Meeting of Myanmar Gold Entrepreneurs Association, held at Times City (Jewelry Mall) on October 6.
There are two different markets currently operating in Myanmar. One based in Mandalay for the northern Myanmar regions, and the other based in Yangon for southern part of Myanmar.
This caused conflicts and confusion in the price of gold within Myanmar.
The gold market in Mandalay is often affected by activities on gold trade with China and India, while gold market in Yangon is more affected by the global gold market. Thus, U Phyo Min Thein called for collaboration between the government and Myanmar Gold Entrepreneurs Association for an internationally recognized gold market.
They are planning to open an international gold and jewelry market consisting of various jewelry shops.
Myanmar is strategically located between the world’s two most populous nations, and this has man benefits and potential for economic growth, but a gold market located in this area would need to be stable enough to resist being overly influenced by the regional giants.
One Stop Service Center (OSSC) for gold trade was opened at Myanmar Culture Valley in People’s Square in Yangon on October 24, 2018. The center consists of offices for the Customs Department, theInternal Revenue Department, the Ministry of Commerce, the Ministry of Natural Resources and Environmental Conservation, the Myanmar Gold Entrepreneurs Association, and other related organizations.
Despite the green light from the government for gold export since September 2018, gold has only been exported from Myanmar on three occasions. However, the Myanmar Gold Entrepreneurs Association said last month that Myanmar will export gold leaf and gold bars to the EU, Hong Kong, and Dubaistarting this month.
Source: Myanmar Business Today
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