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Myanmar Economic Cooperation Zones

Updated:2018-11-12 12:17:32    Source:www.tannet-group.comViews:29

Myanmar’s commerce ministry recently issued a call for investments in economic zones that are planned to be set up on the country’s border with China. Addressed as the “economic cooperation zones”, these projects are aimed at boosting trade and investment between the two neighbors under the framework of China’s ambitious Belt and Road Initiative (BRI).

Genesis of Economic Cooperation Zones
In May 2017, the commerce ministry heads of both China and Myanmar signed a memorandum of understanding to establish economic cooperation zones at the Sino-Myanmar border. A Economic Cooperation Zones Central Committee was set up to manage the specifics of the plan of establishing these zones. According to Myanmar’s commerce ministry, free flow of goods and services will be permitted across the border once the economic zones are up and running.

Location of New Economic Zones
Contracts to establish trading and processing zones in the provinces of Kachin, Shan (both Myanmar) and Yunnan (China) have been signed. On the Myanmar side, economic processing areas are to be set up in Kanpiketi town in Kachin State’s Special Region1, Chinshwehaw in Shan State’s Laukkai Township and Shan State’s Muse Township as previously agreed in July 2018. The economic zones are to form part of the Myanmar-China Economic Corridor under the BRI. This corridor will connect China’s Yunnan Province with Mandalay in central Myanmar and stretch till Yangon in the south.

Economic Potential
According to Myanmar’s Minister of Commerce, agricultural products from Myanmar will be processed and exported to China through these zones. This is expected to create job opportunities for the local population in Myanmar and generate more tax revenue for the government. In addition, these zones are expected to promote tourism in the border areas by facilitating arrival of Chinese tourists to Myanmar through them.

Additional plans are in place to construct industrial zones near the economic corporation zones, which will house processing facilities and logistics centers besides general packing facilities. The Myanmar government plans to set up small and medium-sized enterprises as a supporting industry for the larger trade and manufacturing activity in the economic corporation zones.

The economic corporation zones at the Myanmar-China border are also expected to include several other institutions to facilitate trade and investment between the two countries’ border regions. These include a taxation center to ease the process of taxation, a trade procedure office to reduce bureaucracy in trade connections as well as a currency exchange office.

Tannet has maintained closed relationship with local associates who have rich experience in corporate services, including company formation and accounting and taxation issues. We can help you set up a business in Myanmar and take care of all the registration procedures. In addition, should you seek for brand promotion, we can also assist you in the Myanmar trademark registration.

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If you have further enquire, please feel free to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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