Myanmar: More discipline expected after passing of new law on industrial zones

Myanmar will exert more discipline and control over investors holding land earmarked for industrial zones under a new Industrial Zone Law passed by Parliament on May 27. 

Under the law, businesses which have received land plots targeted for industrial zones must submit a six-month project plan along with a date of completion to the authorities.  Should the project proposed not be completed in time, those responsible will pay 10 percent of the current value of the land annually as a fine or risk having their permits or land grants revoked. 

“In the past, there were also regulations stating that land at the Mandalay Industrial Zone would be revoked if no business is done. But this was not enforced and no action had been taken. Now, we have discipline. We will also have information on the type of businesses being done on the various plots of industrial zone land. Currently, there is no such information available,” said U Ye Win Aung, secretary of the Mandalay Industrial Zone Management Committee. 

According to the previous law, businesses were able to operate in industrial zones such as Thilawa in Yangon and Myotha in Mandalay after procuring the right amount of land. Though the businesses were required to submit implementation reports every six months, these regulations were not enforced. – Translated

Source: https://www.mmtimes.com/news/more-discipline-expected-after-passing-new-law-industrial-zones.html