Yangon Region Government held a press briefing on the recent shut down of the factories and airlines in Myanmar

The Yangon Region Government held a press briefing on the recent shut down of the factories and airlines in Myanmar.

Rumors have been spreading that 14 factories in Hlaingthaya Indistrial Zone have ceased their operations. It arouses concerns among the local basic laborers and foreign investors as well.

Officials from the Yangon Region Government have conducted surveys and studied the recent conditions, nature of operation and management of the factories running in Hlaingthaya Industrial Zone.

According to the report, only 4 out of the 14 rumored factories ceased their operations and shut down due to poor management, low quality production, low profit and many other reasons. The remaining factories are in operation, and some have moved to the new locations.

Minister, Rakhine Ethnic Affairs (Yangon Region), Zaw Aye Maung said “It isn’t true that the 14 factories from Hlaingthaya Industrial Zones were shut down. Only a few of them were shut down, some of them moved their locations and the remaining are still actively operating. The business can only be successful and keeps operating, only when it has good management, capacity and connections. The successful businesses will keep growing and the smaller ones will be vanished. That’s the nature. It isn’t true that the working places have been decreasing in Yangon.”

The Minister also addressed the recent shut down of FMI Airlines and the possible causes.

Minister, Rakhine Ethnic Affairs (Yangon Region), Zaw Aye Maung said “The FMI airline was launched for the convenience of the passengers to provide transportation access when necessary. On the other hand, Myanmar National airline keeps growing bigger. The state granted lots of budgets for a national’s airline and MNA bought multiple airplanes such as 737 and RTA 75. So, it can fly further and more often with better services. It is natural for the smaller one to be vanished as the bigger one keeps growing even bigger.”

Yangon Region is the investment hub of the country with the total of 29 Industrial Zones and one Special Economic Zone – Thilawa SEZ which is the 53 percent of total industrial estates in Myanmar.

More than 13% of private businesses of the country are running in Yangon. In 2018, there are about 6,900 registered private businesses. It has seen the increased of over 700 private businesses with about 6,200 in 2015.

(Myanmar International TV Channel: http://www.myanmarinternationaltv.com/news/economic-condition-yangon-region-government-held-press-briefing )

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