YANGON — Myanmar will have its first official market for gold, gems and metal trading in its commercial capital Yangon this year, said U Khin Maung Han, chairman of the Myanmar Federation of Mining Association.
The trade center will be built in Yangon’s Mingalardon Township near Yangon International Airport, U Khin Maung Han said. The association is in the process of discussing land acquisition and security matters with the concerned ministries, he said.
“We will build a temporary center near 6th Mile [in Mayangon Township] while the trade center is being built in Mingalardon. We are establishing an official market for the trading of gold, jewelry and gold items and metal,” he told The Irrawaddy.
Similar centers will also be built in Naypyitaw and Mandalay, and are expected to be completed in two years.
The official market will prevent the smuggling of gold and jewelry items and metal, and will assist the government in identifying the precise number of deals, as well as earn tax revenues, U Khin Maung Han explained.
“The official market will also encourage gem factories and create job opportunities,” he said.
The official gold market has been in the works for three years, and various ministries and agencies, including the Ministry of Planning and Finance, Ministry of Natural Resources and Environmental Conservation, Ministry of Commerce, Central Bank of Myanmar, Myanmar Federation of Mining Association and Myanmar Gold Entrepreneurs have been collaborating in its creation.
“We’ve coordinated with concerned businessmen to open a gold and gems trading center round the clock throughout the year,” said Union minister for Planning and Finance U Kyaw Win at the ninth meeting between Vice President Henry Van Thio and local businessmen.
“Dealings will be made there, taxes will be levied there. They can either export or sell to local buyers. And related handicraft businesses and other services can be provided there on a wide scale. Only then, will we have a Myanmar market, and our products will fetch good prices,” the minister said.
Companies from around 30 countries have expressed their interest in investing in the official gold exchange market, which will be modeled after Shanghai and American gold exchanges. Myanmar has also signed a memorandum of understanding on technical cooperation with Singapore’s Gold Market Association.
Translated from Burmese by Thet Ko Ko