Military-owned conglomerate expanding its reach
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One of two military-owned conglomerates, The Union of Myanmar Economic Holdings Ltd, has received approval to open two more businesses, one to assemble cars and another to make cement, the Ministry of National Planning and Economic Development said.
Its new auto plant will be in Bago Region’s Intagaw township and its Sin Min Cement Plant (3) will be in Mandalay Region’s Kyaukse township. It will have the capacity to make 1,200 tonnes of cement a day.
The ministry said the Myanmar Investment Commission had given the holding company permission to open the businesses on March 29.
Both investments are being made under the Citizen Investment Law, which gives them tax relief and exemptions, including an exemption for importing machinery for the factories.
The massive holding company has subsidiaries that are involved in most major businesses in Myanmar, including banking, trading, transportation and retail.
