May 3, 2017

‘Invest in Steel and Cement’ - Government Calls on Entrepreneurs to Prop Up Hungry Construction Sector

Minister for Plan­ning and Fi­nance U Kyaw Win has called on local entrepreneurs to invest in the cement and steel industry in efforts to meet the demand of the coun­try’s booming construc­tion sector.

The government has plans to create industrial zones specially for cement and steel factories, said U Kyaw Win adding, that the investment of local entrepreneurs is needed.
Myanmar’s construction sector is booming amidst a surge of infrastructure, housing and commercial building projects.

In her speech to mark the one year anniversary of the NLD government taking office, State Coun­sellor Aung San Suu Kyi cited the building of roads and railways as one of her government’s biggest achievements.

But Myanmar, unable to make enough of its own steel or cement, has to rely on imports, which, lo­cal construction business owners say, is impacting their business.

“Myanmar is importing so much steel product from abroad at a high price. If Myanmar had the capacity to produce local steel products, it would save us costs and reduce our reliance on imports,” said one owner of a con­struction business in Yan­gon.

“The construction indus­try relies heavily on Thai cement because local pro­duction is not able to meet demand,” he added.

Thai cement company SCG’s $400 million Maw­lamyine cement plant is expected to open this year. When operational, the factory will be capable of producing 1.8 million tons of cement per year.

Source: Myanmar Business Today

 
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