UPON completion of projects in phases, SEZ will create more than 300,000 jobs, up from 13,300 at present, said State Administration Council Vice-Chair Deputy Commander-in-Chief of Defence Services Commander-in-Chief (Army) Vice-Senior General Soe Win while meeting officials from the Thilawa Special Economic Zone Management Committee yesterday afternoon.

First, the Chairman of the management committee, U Ye Naing Tun, reported to the Vice-Senior General on the progress of the zone and work undertakings. Chairman of the Myanmar Special Economic Zone Work Committee of the zone Union Minister for Commerce Dr Pwint San presented the current situation of the zone, efforts of the State in solving the problems, and future plans.

After coordinating the reports, the Vice-Senior General said that more than 17,000 Myanmar shareholders from nine Myanmar companies and three Japanese companies operate the Thilawa SEZ established in the 2015-2016 financial year with 10 per cent investment from the Myanmar government, 41 per cent from Myanmar citizens company, 10 per cent from the Japanese government and 39 per cent from Japanese companies, respectively. With regard to the work procedures, the management committee needs to coordinate necessary measures for implementing the work projects in the remaining land plots among the sold land plots of more than 5,000 acres of allowed land areas. Upon completion of the projects in phases, the SEZ will create more than 300,000 jobs, up from 13,300 at present. Hence, it is necessary to coordinate the various measures systematically.

The Vice-Senior General pointed out that the spending of funds of the SEZ must follow the monetary policy in line with the SEZ Law 2014 and the notification 12/2022 issued by the Central Bank of Myanmar dated 3-4-2022. It is necessary to prove the firmness of monetary policy for forthcoming investors. Brochures, media and websites of Myanmar Japan Thilawa Development (MJTD) must have more attractions to catch the interest of international investors. Necessary assistance must be given to the companies showing interest in processing Seintalone mango and butter bean in the zone through the CAN system. If each company or each zone generates electricity from solar and wind power to curb the purchase of electricity in foreign exchange for the Thilawa SEZ, electricity consumption of the State and private companies will reduce.

He viewed the products manufactured from Thilawa SEZ and gave instructions to officials. The Vice-Senior General also viewed round LS Gaon Cable Myanmar Factory, which produces electronic cables and CP Hsinbyutaw Factory, which produces fertilizers, and fulfilled the needs.

A total of 94 companies from 21 countries invested in the Thilawa SEZ. Eighty-nine companies suspended their operations in the third wave of COVID-19 in 2021. Due to the efforts of the Work Committee and the Management Committee, 82 companies resumed operations, and the remaining companies will operate their businesses soon.

—MNA

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