Parliament to review amended law on economic zones

Published on Friday, 11 January 2013 21:04

The amended version of Myanmar Special Economic Zone (MSEZ) law will be submitted to the Parliament for approval, National Planning and Economic Development deputy minister Set Aung said.

“Up to 80 per cent of Myanmar Special Economic Zone law was amended to meet international standards for both local and foreign firms,” he said during the workshop on Thilawa Special Economic Zone held at the office of the Republic of Union of Myanmar Chambers and Commerce Industry on January 9.

The law was enacted on January 27, 2011. The law includes provisions on land use, bank and finance management, insurance, trading, employment, and privileges for investors.

Myanmar will also be coming up with a new Industrial Zone Law to streamline working procedures of all industrial zones across the country.

“Respective laws were enacted for Thilawa, Kyaunkpyu and Dawei special economic zones. However, a common industrial zone law will be drafted for all these economic zones,” Set Aung said.

He added that the ministry plans to make Myanmar’s special economic zones to be the best in southeast Asia. This will be achieved by setting land prices in industrial zones at par with international rates.