The Rakhine state government has formed a body to investigate the background of the local and foreign firms that invest in Rakhine state and monitor their operations’ progress, according to a senior government official.
The investigation body is to be chaired by chief minister of Rakhine state U Maung Maung Ohn while members include the state financial minister, the state chief justice and department heads from the state budget department, U Hla Thein, chair of the state public relation sub-committee, told Myanmar Business Today.
The body will check if the investing firms have officially registered, if they have the resources or commitment to actually implement their proposals and whether they are blacklisted in other parts of the world.
“We will investigate many aspects of the companies coming in to invest and approve them according to our findings. This new entity will scrutinise investments of all the foreign and local firms that plan to operate in Rakhine state,” said U Hla Thein.
Rakhine state is seeing an increasing number of investors who are pouring funds into Sittwe Port, Kyaukphyu Special Economic Zone (SEZ) project and Ponnarkyun Industrial Park.