Myanmar plans to implement industrial park project along with Kyaukpyu SEZ deep sea port project

The industrial park project will continue to be implemented along with the construction of the Kyaukpyu Special Economic Zone deep sea port project, according to the Ministry of Commerce.

If the Kyaukpyu Special Economic Zone deep sea port project and industrial park project are implemented, tens of thousands of job opportunities will be available for the local people, and most of the management positions will be employed by Myanmar nationals. It will attract millions of dollars of investment for Myanmar, generate a lot of tax revenue for the state, and promote the surrounding upstream and downstream industries, which will be able to improve the economic development of the entire country and the GDP per capita, according to the statement of the Ministry of Commerce.

In the implementation of the project, ethnic businessmen including local Rakhine ethnic businessmen who have business experience from Myanmar and can actually work, will be invited to cooperate with the project company.

The Central Working Body on Myanmar Special Economic Zone has announced that the date for the call for expressions of interest (EOI) for the establishment of an organization that includes government-recognized Myanmar-owned companies in the Kyaukpyu Special Economic Zone has been extended to December 30.

The Central Working Body on Myanmar Special Economic Zones has announced that Myanmar companies that can contribute US$5 million will form an organization that includes Myanmar-owned companies that will implement the Kyaukpyu deep sea port.

In order to cooperate in the deep sea port project to be implemented in the Kyaukpyu Special Economic Zone, Myanmar is planning to form a Myanmar Government Designated Entity Consortium, which includes companies recognized by the government.

In the process of formation, companies owned by Myanmar nationals that meet the following criteria will be screened and established. Some of these criteria must be private companies owned by Myanmar nationals or companies related to them that are registered and established locally according to the Myanmar Companies Law of 2017. Do not be a company that is suspended in the Myanmar Companies Online (MyCo) at the Directorate of Investments and Companies Administration (DICA). The company must be a company with an average minimum annual turnover of at least US$20 million or its equivalent in foreign currency or its equivalent in Myanmar kyat in the past three years. Do not be a company involved in any Ministry, Nay Pyi Taw Council, Regional and State Government blacklist or prohibition or ineligibility. The company must appoint enough professional staff and other expert staff, and support technical staff in the project. At the time of initial proposal, the company must be able to present some evidence that it can contribute at least US$5 million, and must be able to submit the financial statements of the company for the past three years together with the audit report of the certified public accountant. In addition, as evidence of tax compliance, the tax clearance certificate issued by the relevant tax office must be presented.