Myanmar Opens Its First One Stop Service Center for Gold

With the aim to export gold bars and Jewellery made from gold to the international market, Myanmar opened its very first One Stop Service Center (OSSC) for gold, on September 24, at The Myanmar Culture Valley.

Previously, Myanmar had put a ban on gold export thus causing revenue loss for the country. But, The Ministry of Commerce removed the ban on January 22, of this year and started allowing gold export and import on September 3.

“This One Stop Service Center is not for more restrictions. It has been established in order to provide for a better and immediate service. The center will be beneficial for the country providing a platform for gold trading,’’ U Phyo Min Thein, Yangon Regional Chief Minister, said.

Gold entrepreneurs believe that by establishing a one stop service center, the industry will lure more foreign investment and allow for foreign money to be payed as taxes to the country.

The center will price the gold based on a comparison between international prices, and local prices. An independent laboratory has also been built for assessing the quality of the gold, and issuing certificates. It will also monitor exports and imports, which is expected to include international markets such as Shanghai, Dubai and Thailand.

The Myanmar Gold Development Public Company, will run the center with support from The Internal Revenue Department, The Ministry of Commerce, The Ministry of Resources and Environmental Conservation, The Customs Department, The Myanmar Gold Entrepreneurs Association and other organizations.

Source: Myanmar Business Today