A central mineral market will be established in Myanmar in a bid to eliminate illicit mining products trade and avoid loss of state revenue, U Khin Maung Han, vice president of Myanmar Federation of Mining Association (MFMA), said.
“We are trying to establish a central market but our association can’t do it alone. We need the government’s help. We want to set up the market by this year.”
The market aims at fetching good prices for mining extracts and creating awareness for value-added mining products domestically, U Khin Maung Han said, adding that the market will curb illegal mining products trade, increase state’s revenue and help collect accurate data on mining products in Myanmar.
The market is also seen as a platform to integrate Myanmar in cross border mining products trade as the ASEAN Economic Community (AEC) comes into effect in 2015. To implement such market, the association will have to establish links with the global commodity supply chain, experts say.
“This has been attempted for a long time. Now they are doing this as they think the time is right. However, when foreign players come in, local industries will not be able to compete and will have to seek government protection,” U Sein Myint, a former official at the Ministry of Mining, told Myanmar Business Today.
Myanmar is currently trying to become a full member of the Extractive Industries Transparency Initiative (EITI), which aims to ensure more transparency in how a country’s natural resources are governed and full disclosure of government revenues from its extractive sector.