22 February 2018
Construction entrepreneurs are planning to form a State Level Public company within this year for the development of the country.
Myanmar Construction Entrepreneurs Association, MCEA, held a special meeting on Thursday in Yangon together with representatives from the states and regions. Discussion with the concerned officials is underway to form the state level infrastructure and construction development public company. Current decisions show the government side will have 51 percent and the private sector 49 percent of the company.
President, Myanmar Construction Entrepreneurs Association, Tha Htay said “We will meet again with the concerned stakeholders on the 6th of March for formation of the company and solutions and challenges in the construction industry. Government officials urged formation of public companies in various industries. We believe that formation of the state level public company will help the country’s development and socioeconomic status of the people.”
The entrepreneurs shared their plans on development projects such as elevated highway, power plants, and housings in regions and states, pointing out the need of assistance for long-term development.
EC Member, Myanmar Construction Entrepreneurs Association, Ye Linn said “We believe we will achieve strong growth if there are reductions in tax and bank loan interest rate. Besides, policies and regulations need to be accurate, transparent and strong. Stable incomes of the people need to be taken into account. Moreover, long-term loan from banks still remains as a challenge.”
Currently, construction entrepreneurs are calling for reduction of real estate tax from 30% to 5% temporarily for 2 years, a 3-to-10 year bank loan depending on the project and reduction of bank loan interest from 13% to 9%.