Jan 3, 2015

MIC grants permit for cable car project

The Myanmar Investment Commission (MIC) has given the green-light to a joint-venture called Sky Asia Co Ltd to build a cable car system that links Yathaedaung Camp to Kyaiktiyo Pagoda, the MIC announced on 26 December.

Sky Asia Co Ltd, which was jointly established by Sky International Co Ltd from South Korea and Asia International Fisheries Co Ltd from Myanmar, will implement the cable car project near the Kinmon rest camp village near Yathaedaung Camp in Kyaikhto Township of Mon State.

The MIC grants permits to investors after receiving recommendations and comments from region or state governments and relevant ministries.

The joint venture submitted a proposal to the Ministry of Environmental Conservation and Forestry to rent 13 acres of land for an annual fee of Ks 100,000 per acre under a 50-year contract. The ministry forwarded the proposal to Union-level bodies, and the MIC approved the project.

In August 2014, the Ministry of Agriculture and Irrigation decided to sell 300 acres of state-owned land near the road to Kyaiktyio Pagoda to Shwe Than Lwin Highway Co Ltd for Ks 300 million. The ministry granted the 300 the acres to the Mon State government, which granted it to Shwe Than Lwin Co Ltd. Shwe Than Lwin will build a hotel, restaurant and bus terminal on the plot.
Some entrepreneurs have criticised the handovers of state-owned lands to private companies for such low rates.

Source: Eleven Weekly Media