Asia Pacific
Myanmar opens service center to connect int'l gold markets
Last Updated: 2018-09-25 10:46 | Xinhua
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Myanmar has opened a one stop service center in Yangon to connect Myanmar's gold market with the international's, providing services on jewelry and items made from Myanmar gold and importing foreign one, Myanmar News Agency reported Tuesday.

"Starting from now, Myanmar gold could be legally exported," Dr. Ye Thu Aung, managing director of Myanmar Gold Development Public Company, told a ceremony of launching the service center Monday.

The price of gold at the service center will be based on international market rate and local gold price.

Recalling that gold from Myanmar was exported under other brands or names to relevant markets, he said the aim is for Myanmar gold to reach Shanghai, Dubai and all other markets under Myanmar brand and Myanmar letters.

Yangon Region Chief Minister U Phyo Min Thein said the service center is not to tighten control or a red tape mechanism, but to provide immediate one stop service to become a place where sale and purchase can be made easily and will be beneficial for the nation.

Chairman of the Myanmar Gold Entrepreneurs Association U Kyaw Win said Myanmar does not have a gold market despite having gold resources which were not used effectively for the people.

It had to depend on other markets, he said, citing the sale of gold at the border was at whatever price it can get.

Recalling that gold was illegally exported in the past with no export duty, and the government lost much tax revenue from it, he said through the implementation of the one stop service, it will enable the government to earn more tax revenue. And once foreign investment enters into the sector, foreign exchange can also be earned.

Gold market in Myanmar began to develop five years ago.

In January, the Ministry of Commerce announced free trade of gold. Gold export and import was permitted in September as a follow-up.

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