MT News
Entrepreneurs need to use domestic raw materials in businesses of Thilawa Special Economic Zone, according to the Myanmar Special Economic Zone Central Body.
The Myanmar Special Economic Zone Central Body urged the entrepreneurs to use domestic raw materials in businesses of Thilawa Special Economic Zone, a high-level officer of the Ministry of Commerce told the MT new agency.
This move came during the meeting attended by committee members, committee vice-chairs, Thilawa, Kyaukpyu and Dawei SEZs management committee chairs, the permanent secretary, the directors-general and senior officials of relevant departments held on first week of December.
“At present, there are Thilawa, Kyaukpyu and Dawei SEZs in Myanmar. Of them, as Thilawa SEZ is fully operational zone, measures will be made to attract more investments and to succeed more than current situation,” he said.
“Thilawa SEZ is under operational zone and collective works will be conducted to attract more investments. It is needed to use local raw materials in Thilawa SEZ. We urge companies in Thilawa SEZ to operate their businesses using domestic raw materials, he added.
Currently, any Japanese business invested in Thilawa SEZ with the permission of Myanmar Investment Committee (MIC) has not still shut down. 125 Japanese companies made investments in Myanmar till December 2021 and the amount of investments reached US$-1.85 billion.
About 40 companies were suspended due to COVID-19 pandemic as of 2020 and have not yet been closed down officially.
Of the 124 businesses that Japan made investments in Thilawa SEZ, 84 are manufacturing enterprise such as garment sector and food processing sector and 21 transportation enterprise such as service sector, MIC stated.
