Wednesday, May 03, 2017
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
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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