New industrial Zone law designed to encourage factories and workshops to relocate to strategic industrial zone due soon

A new industrial zone law designed to encourage factories and workshops to relocate to strategic industrial zones is due soon, U Soe Win, Union Minister of Planning, Finance and Industry told a monthly meeting between the vice president and local business leaders.
“We have arranged all prerequisites including complete infrastructure to ensure relocation of outside factories and workshops to industrial zones and plans to locate SMEs in vacant lands in the industrial zones,” the minister said.
The new law will assist the emergence of new industrial zones in accordance with the national development framework. Myanmar is focusing on human resource and infrastructure development to ensure a good environment for investment and business, he added.
Currently, there are some 60 industrial zones in the country, 29 of which are in Yangon. The Yangon Regional Government is working to upgrade industrial zones as the current lack of infrastructure has resulted in low activities within the zones.
The regional government also has plans to create new industrial zones. It has formed an industrial zone management committee to verify whether companies that have been granted lands are actually using them. The committee is prepared to take back lands found to be in disuse.
Myanmar is focusing on creating special economic zones, with key projects including Thilawa in Yangon, Dawei in Tanintharyi Region and Kyaukphyu in Rakhine State.
Besides better infrastructure including power and water supplies, industrial zones need better road connectivity to outside areas, according to a report by the Pyithu Hluttaw.
Myanmar’s industrial growth was 33 percent in the 2013-2014 fiscal year, 35 percent in 2014-2015, 35.4 percent in 2015-2016 and is projected to reach 37 percent in 2030-2031.

(Myanmar Business Today: https://mmbiztoday.com/new-industrial-zone-law-due-soon/ )

​