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Govt to Sign Investment Agreement with Hong Kong Company
AUTHOR: TIN MG OO
Yangon Regional Government will sign an investment agreement with a Hong Kong based company for future investment in Htan Dabin industrial zone. The signing will take place on May 10th. The investment is worth about $600 million and is expected to create 150,000 jobs for local people, according to Naw Pan Thinzarmyo, Yangon Regional Minister for Karen Ethnic Affairs.
“There are investors interested in investing in other industrial zones. But we are at the initial state for that. We are not sure that we will sign an MoU with them. However, we do have one company who will sign an MoU, we will work with the company for nine years,” she added.
At the moment, Yangon Regional government is focusing on the garment sector, hotel and tourism sectors, digital economy and the real estate sector of Yangon.
“Yangon Regional government will help the investors with the land issue, electricity, water and drainage system,” said U Myint Thaung, Yangon Regional Minister for Planning and Finance.
Most of the 29 industrial zones in the Yangon Region which has over 800,000 workers including internally migrant workers. The zones which were implemented by the previous governments are not relevant today. Therefore, the regional government started 11 new industrial zones on 1,000 acres of land in 11 townships outside Yangon city.
Myanmar Meets with China to Raise Rice Import Quota
AUTHOR: SWE LEI MON Myanmar will sign an MoU with China for rice trade, the request to increase the rice import quota to China by as much as 400,000 tons of rice per year, according to the statement of Myanmar Rice Federation. The delegation led by Union Minister for Planning and Finance, U Soe Win, and officials from Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Myanmar Rice Federation (MRF) attended the 2nd China Myanmar Economic Corridor Forum held in Yunnan, China from February 18 to 23.
Government Urges Foreigners To Register with Local Authorities
AUTHOR: TIN MG OO One way a foreigner can be found in violation of the law is by failing to register within 24 hours of arriving in the country, or by overstaying their visa. Foreigners that break the law by overstaying their visa are fined at the port of entry (airport or land border checkpoint) when they leave the country. A fine of $3 dollars per day will be charged for an overstay of less than 90 days, and a fine of $5 per day for anything 90 days and over.