6 December, 2019
The development of the industrial sector is the core of economic development of any country as they produce and supply various products that provides the basic needs of the citizens. On top of that the industrial sector also provides the necessary machinery and spare parts for factories, improve export industries, import-substitute products and create new employment opportunities.
At present, there are 29 industrial zones and one special economic zone (“SEZ”), Thilawa, located in the Yangon region. While the SEZs (Thilawa, Kyauk Phyu and Dawei) are governed by the separate Special Economic Zone Law (“SEZ Law”), there is no specific law governing the industrial zones in Myanmar.
In 2019, Pyidaung Su Hluttaw issued the draft Industrial Zone Law to provide much needed legislation to govern the sector and help to draw in much needed foreign investments into the country. While the legislation is still in draft form, it is hoped that it will be enacted by the end of 2019.
The full article can be found from Zicolaw's site here.
For more information, please contact:
Thuzar Tin, Zaid Ibrahim & Co (a member of ZICO Law)
thuzar.tin@zicolaw.com
