Business

Why are special economic zones creat

As of the finish of December 2020, the worth of unfamiliar interest in the Thilawa Exceptional Monetary Zone in Thanlyin Municipality, Rangoon Area, was about US $ 1.4 billion, as per figures delivered by the Directorate of Venture and Company Organization (DICA).

DICA’s end-of-year 2020 report indicates that the Thilawa Special Economic Zone has attracted investments worth $1.382 billion from up to 60 companies from 18 different nations.Japan was the largest investor in the Thilawa SEZ, investing $ 447.367 million between the end of the fiscal year of the previous administration and the end of the year 2020.With $ 415.423 million, Singapore is the second largest investor.
With $ 175.588 million, Thailand is the third largest investor.Manufacturing is one of the main investment sectors in the Thilawa SEZ;Trade;Services and Transport;Tourism and lodging;Unfamiliar put organizations are putting resources into six significant enterprises, including land.Manufacturing is the largest of the six major industries, investing nearly $1.2 billion.
Over $98 million has been invested in the trade sector, according to DICA figures;over 45 million dollars invested in the service industry;more than $27 million in transportation sector investment;It has put more than $ 8 million into real estate and more than $ 12 million into the hotel and tourism industry.As per the Myanmar Speculation Commission (MIC), in the a long time from the 2016-2017 monetary year to the furthest limit of 2020, unfamiliar interest in Myanmar surpassed $ 25.3 billion.
The majority of these investments are made in transportation and manufacturing.Based on the base case of the Myanmar Investment Plan, the short-term five-year investment target is $ 5.8 billion annually from 2016-2017 to 2020-2021;$ 8.5 billion per year for the five-year medium term, from the fiscal year 2021-2022 to the fiscal year 2025-2026;$ 12.3 billion per year between fiscal years 2025-2026 and 2030-2031;From fiscal years 2031 to 2036, it is anticipated to receive 17.6 billion dollars per year.
The success of Thilawa SEZ can be attributed to the aforementioned data.The Thilawa SEZ’s co-founders, leaders from Japan and Myanmar, visited and acknowledged its success.Three Special Economic Zones (SEZs) are already planned for Myanmar’s territory.Management committees for SEZs were also established in addition to planning for SEZs.
Thilawa SEZ is one of the three SEZ projects;Deep Sea Port and Special Economic Zone of Kyaukphyu;what’s more, Dawei Extraordinary Monetary Zone and Remote ocean Port.The majority of Japanese businesses are partners in the Japanese joint venture Thilawa SEZ.Expansion of the Deep-Sea Port and SEZ in Thilawa;Japanese investment is planned to expand the port.
The deep-sea port and special economic zone in Kyaukphyu are receiving a $1.3 billion investment from China.It is anticipated that the Kyaukphyu SEZ project will require an initial investment of $7.8 billion.However, officials from both nations will reevaluate the project and implement it in parts due to concerns that the burden of Chinese debt on Myanmar could be significant and the possibility of a Chinese debt trap.With 1.3 billion dollars, the first phase will begin.
Thailand and Japan will work together to set up the Dawei Deep Sea Port and Special Economic Zone.The initial project and the main project for the Dawei SEZ project will be divided into two parts. The main project will build a highway from the Dawei SEZ to Kanchanaburi, which is on the Thai border.The primary project includes building a deep-sea port;generating power from natural gas;Infrastructure;bridges and roads are used in the construction of urban housing.