Apr 11, 2014

China is major investor for mineral extraction in Myanmar

China, billed as the major investor in the exploration and production of Myanmar natural resources, is also a big player for mineral extraction in Mongolia, said S. Javkhlanbaatar, the director of Invest Mongolia Agency.

China is presently the second-largest investor in Mongolia. Its investment projects include property development.

In Myanmar, China is keen to invest in the energy sector, including petroleum and natural gas, and profitable business of mineral extractions. The Chinese omit, however, to channel their investment to labour-intensive sectors which could create job opportunities for local citizens.

When asked about investment-generated job opportunities and pollution, the Mongolian director said: “We have the regulations for the foreign investors to provide jobs for 70% citizen. When it comes to pollution, we have to work with environmental assessment teams to investigate and take an action.”

Myanmar Investment Commission issued a permit for the Chinese company to form a joint venture for the refinery in Kalaw T/S, Taunggyi District, Shan State on January.

According to the Ministry of Mines, a mining permit would only be granted to the foreign investors who pass the scrutinies for environmental impact assessment (EIA) and social impact assessment (SIA).

It was reported that the foreign investment in Myanmar’s mining sector amounted to $ 2,862 million as of the last week of March, 2014.

Source: Eleven Weekly Media