Maungdaw in Rakhine State is set to become another Special Economic Zone to boost economic development and border trade,

Rakhine State gov­ernment has set in motion plans for the state’s third economic zone to boost economic development and border trade.

U Kyaw Aye Thein, Ra­khine State Minister for Planning and Finance, told Myanmar Business Today that the govern­ment has selected a par­cel of land in Maungdaw Township, northern Ra­khine State, as the pro­posed location for a bor­der economic zone.

This is the state’s third planned economic zone after the Kyaukphyu Spe­cial Economic Zone and deep sea port which is still being dredged and the Ponnagyun Econom­ic Zone near Sittwe on which bulldozers have yet to break ground.

For the proposed eco­nomic zone, the govern­ment announced inten­tions to host garment factories, refrigeration units for fish and pro­duce, a fuel station, and commodity and industrial showrooms.

The Rakhine state gov­ernment intends to begin building infrastructure such as running water, an electrical grid, and roads in September, U Kyaw Aye Thein said.

The government is al­locating K15 billion from the state budget for infra­structure building of this particular economic zone.

“We expect infrastruc­ture construction to final­ize by April, 2018. Inves­tors will then be invited to establish businesses in the zone,” U Kyaw Aye Thein said.

However, as Maungdaw township is home to some of the nation’s fiercest re­gional tensions, critics are skeptical of the govern­ment’s proposed Septem­ber ground breaking.

The economic zone will offer residents various economic opportunities leading to the progression of the security and stabi­lization process, U Kyaw Aye Thein said.

Though Rakhine State is one of the poorest and least developed states in Myanmar, it offers much potential in fishing, ag­riculture, oil and gas, and trade with neighbor­ing Bangladesh and In­dia. However, because of sectarian violence and religious tensions, in­vestment both local and foreign has very been slower than desired.

As of the 2016-2017 fis­cal year, there are 3 for­eign companies and 136 local companies invested in Rakhine State.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/maungdaw-rakhine-slated-special-economic-zone )

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