82 out of 89 firms resume business operations in Thilawa SEZ

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Khit/Myo Gyi (NP News) - May 9

All 89 firms in the Thilawa Special Economic Zone suspended their business operations due to the third wave of Covid-19 occurred in 2021; now, a total of 82 companies have recommenced business processes, according to the Thilawa SEZ Management Committee.

The remaining companies reportedly will also be recommencing their businesses.

Vice-Chairman of the State Administration Council (SAC) Vice-Senior General Soe Winrty met with the officials from Thilawa SEZ Management Committee on May 6 at the Thilawa SEZ Management Committee Chairman's Office.

"We need to have a strong monetary policy so it will be trustworthy for the future investors," said Soe Win.

More than 5,000 acres of Thilawa SEZ concession has been approved and granted, the management committee needs to coordinate for the necessary actions to implement the projects on the vacant lands that have been already approved and granted, said Vice-Senior General Soe Win.

He urged the companies to generate the electricity needed for the SEZ from solar and wind power by the respective zone so that the country and private companies will be able to reduce their electricity consumption and the state will be able to fulfill the electricity for other required places.
He also said that if individual companies or zones could generate solar and wind power to replace foreign currency purchases such as Liquefied Natural Gas (LNG), the state and private companies would be able to reduce their electricity consumption and provide more electricity to the state.

Thilawa Special Economic Zone was established by Myanmar and Japanese governments. A total of 94 companies from 21 countries invested in the Thilawa SEZ in 2015-2016 FY, with a total investment amounted to US $ 2.12 billion.

Nine Myanmar national companies with more than 17,000 shareholders and three Japanese companies involved in the Thilawa SEZ, in which Myanmar government contributes ten percent, Myanmar national companies 41 percent, Japan government ten percent, and Japan companies 39 percent respectively. More than 300,000 jobs will be created when the SEZ projects are completed.

https://npnewsmm.com/news/627625edcf5d7100444d06a9

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