Special Economic Zone Project: Myanmar SEZ Central Committee Meeting held

The Central Committee Meeting (1/2022) for Myanmar Special Economic Zone was held at the Ministry of Commerce in Nay Pyi Taw on Wednesday with an address by Chairman of the Central Committee Vice Chairman of the State Administration Council Deputy Prime Minister Vice Senior General Soe Win.

At the meeting, the Vice Senior General said that according to 2019 statistics, there are about 5,400 special economic zones in 147 countries and more than 500 new zones are being built and implemented. The Special economic zones are a new development of industrial policies to attract more international investments.

In the special economic zones of developed and developing countries, emphasis is being placed on providing support for facilitating trade activities.Today, the State Administration Council is promoting development of the micro, small and medium enterprises.

In Myanmar, the 2011 Special Economic Law was amended in 2014 and the Myanmar Special Economic Zone Rules was enacted in 2015. According to the rules, the meeting of the central committee meeting is held twice a year.

The Vice Senior General said that 3 Special Economic Zones are being implemented in Myanmar and Thilawa Special Economic Zone is being implemented with Japan, Kyaukphyu Special Economic Zone with China and Dawei Special Economic Zone with Thailand. Out of them, Thilawa SEZ stands as a model economic zone that is achieving the business industries.

He called for relevant ministries to cooperate for continuing investment by foreign investors in the Thilawa Special Economic Zone, promoting new business companies for increasing investments and operating the tasks smoothly by investors, operating practically the SOP procedures for achieving the goal and giving effective service by forming One Stop Service Centers. In regard with Kyauk Phyu SEZ, the framework agreement of the deep sea port project was signed on 8th November 2018.

The Shareholder Agreement was signed in January 2020 and the Concession Agreement in November 2020. The deep sea port project of KyaukPhyu SEZ is essential and will benefit for the locals and the state. By implmenting the deep sea port project successfully, Myanmar-China Economic Corridor Cooperation project will include.

The KyaukPhyu SEZ Project is related to the Belt & Road project of China and it will benefit both countries and contribute to regional development. Dawei Special Economic Zone has been implemented since 2008, but there has been no significant progress.

The Italian-Thai company, which was previously selected and tasked as a joint venture investor, has already been terminated, so the committee needs to invite new joint venture investor in line with the international procedures. Only with the rapid development of special economic zones, will the country's economy develop, as well as job opportunities and living standards for the local people.

And, Union Minister U AungNaingOo reported on the Myanmar economic zones situation. Also, chairmen of the Thilawa, Kyaukphyu and Dawei special economic zones management committees explained reports and made approval. The meeting also made discussions on respective special economic zones across the country.

The draft resolution of the meeting was read out and approved. The Vice Senior General discussed the needs related to the reports.