Dec 28, 2015

Pearl Cultivation Investment Hits $6b; More Firms to Come

The total amount of investment from foreign and local firms in pearl cultivation has crossed $6 billion, according to the state-run Myanmar Pearl Enterprise.

However, foreign investment only accounted for about $45 million. Local companies invested more than $ 6.22 billion, according to government statistics.

“We are checking and giving permission to companies to invest in pearl cultivation. The investment law of pearl hasn’t come out yet, but we have a taxation system for local companies,” Daw Thida Mya, general manager of Myanmar Pearl Enterprise, told Myanmar Business Today.

Currently, there are four foreign firms involved in pearl cultivation in Myanmar: Myanmar Tasaki Company, Myanmar Atlantic Company, Myanmar Andaman Pearl Company and Bell Pearl Myanmar Company from Japan, Australia, Thailand and Singapore respectively. The firms have been working in Kyun Su township in Myeik district in Tanintharyi region.

There are three local companies: Nino Pearl Company, Eastern Pearl Company and Annawar Pearl Company. They are working in Kawthaung and Myeik districts.

Myanmar Pearl Enterprise said four companies are currently waiting for permission from the Enterprise to invest in the industry.

Source: Myanmar Business Today