Myanmar Special Economic Zones: VSG addresses at the Central Committee meeting

The Central Committee for Myanmar Special Economic Zone (SEZ) convened its meeting in Nay Pyi Taw on Thursday, with the Chairman of the Central Committee, Vice Chairman of the State Administration Council, Deputy Prime Minister, Vice Senior General Soe Win in attendance.
In his address, the Vice Senior General emphasized the significance of SEZs, which have been established to attract investments, create job opportunities, boost exports, expand the business network, support the Global Value Chain, and foster economic development in the state while advancing industrial progress.
The SEZs offer fiscal incentives, regulatory incentives, and infrastructure incentives. Statistics from 2022 reveal that there are approximately 7,000 SEZs in 145 countries, collectively generating more than 100 million employment opportunities. In Myanmar, there are currently three SEZs in various stages of implementation, starting with Thilawa SEZ in 2013, followed by Kyauk Phyu and Dawei SEZs, which are being developed on an annual basis.
Thilawa SEZ has successfully attracted over $2.1 billion in investment from 114 companies representing 21 countries. During the 2022-2023 fiscal year, Thilawa SEZ contributed 3.6% of the total GDP, accounting for 1% of the total export volume and 3% of the private export volume.
In the 2023-2024 fiscal year, Thilawa SEZ achieved $54 million in exports and $162 million in imports within a four-month period from April to July, resulting in a total trade volume of over $217 million and 22 billion kyats in taxation. The Vice Senior General stressed the need for continued efforts to achieve even greater success during the current fiscal year. He also emphasized the importance of using any foreign currency granted by the Central Bank of Myanmar for investments.
Additionally, he highlighted the imperative for the development of Kyauk Phyu SEZ, including improvements in transportation infrastructure, and the resumption of Dawei SEZ through the new bids from potential investors. He urged all stakeholders to work toward the development of SEZs in accordance with applicable laws and regulations.
Then, the meeting continued with a general round of discussion among the attendees. After the meeting minutes were read, the Vice Senior General provided the necessary guidance and delivered concluding remarks.