May 27
UTMOST efforts are being made in all arenas to develop the State economy. In doing so, encouragement is being given to produce a large volume of domestic products in order to increase the export volumes for earning incomes. Consequently, the trade surplus was on the rise in the mini-budget period of 2022.
On the other hand, the government is enhancing the small and medium scale enterprises so as to ensure the domestic products are larger. Meanwhile, investments from foreign and local businesspersons are invited to the running of businesses in various sectors of the country. Only when the investment volume increases will the State economy boom with larger job opportunities.
Thilawa Special Economic Zone jointly established by Myanmar and Japanese governments as of 2015-16 financial year is being operated withUS$2.12 billion within eight years. Currently, it is a main drive for the State economy. Nine Myanmar companies with more than 17,000 shareholders and three Japanese companies are working in the SEZ together.
Before the outbreak of the COVID-19 pandemic, 94 companies from 21 countries operated their production with investments. During the third wave of the pandemic in 2021, 89 companies suspended their operations. Thanks to the efforts of the Thilawa SEZ Work Group and management committee, 82 companies resumed their operations. The remaining companies are also expected to resume their work soon.
Currently, the Thilawa SEZ has created more than 13,300 employment opportunities for local people with more plans to generate more than 300,000 jobs for the Myanmar people. Those employments will be allotted to industries in the SEZ to engage in manufacturing. But, electricity is the most important for running the industries at full capacity. If the authorities can grant to supply electricity to the industries together with other guarantees for their businesses, foreign investments are sure to flow into the SEZ soon.
Now is the time to strive for further development of the Thilawa SEZ and other SEZs across the nation. To do so, the authorities need to grant the investors to manage their businesses under the SEZ law and the monetary policy by drawing their attention to put investments. Meanwhile, it is necessary to earn the deserved taxes to be levied from companies for the State.
Efforts for booming SEZs must turn to relevant businesspersons as well as the State. The development of the State economy will help surge the socio-economic status of the national people by dreaming of a brighter future. GNLM
