Sagaing informal entrepreneurs intend to capitalize jewels of the city and the trade of jade with the opening of a formal market gems from this year.
The market for gemstones help remove trade flows and illegal income highlight and operate as a business in itself, according to U Aung Gyi, Sagaing Region President Gems & Jewellery Entrepreneurs Association.
“Sales Centre gems Mandalay US $ 1 bills for foreigners to enter. And nearly 200 Chinese do business every day in Sagaing. So when we opened the jewelry market, will win $ 200 a day.”
With the opening of a market, officials hope Sagaing easier to regulate trade and take action against those who sell fake jewelry, also create local employment opportunities. There are gems and jade markets in Nay Pyi Taw, Mandalay and Myitkyina, making the country the fourth largest market Sagaing so open.
Aung Gyi U said there was no official market for gems and sales in the city of Sagaing in seven years. Since it is not official, revenues not generated Sagaing Division, and taxes are not collected.
Read also : Gems in Myanmar
“The informal market has been strong run for seven years,” he said.
Sagaing Region gems and jewelery Entrepreneurs Association presented its plans for a formal market of the regional government. He had three suitable land, with a potential need to be at least three acres site to allow some 450 gems stores.
The application must now be treated by municipal authorities and government Sagaing Division.
The plan includes about 450 stores that are eight feet by eight feet, with additional amenities such as bathrooms. Aung Gyi U said Minister of Sagaing Region said the government would help find a suitable piece of land.
“An integrated system Sagaing Region by the Minister of Mines and local officials delegation came to see the site on the ground floor. They presented their plan to the cabinet Sagaing Division, after examination,” he said.
The plot is also probably under the control of Ministry of Commerce, so you may need a national approval. “I suppose the ministry approves the emergency, because they know the benefits of having a legal market tax lien Sagaing. Hopefully it will be in a month,” he said.
The realities of the construction market requires a great expenditure in advance, U Aung Gyi said he expects entrepreneur U Aung Ko Win, the gemstone and jewelery boss Myanmar entrepreneurs Association.
Once completed, the stores will be sold in installments. The market also expects the authorities in place, eliminating the need to travel to Mandalay, for example, to pay the tax.
Read also : Myanmar Gems exports to China
Aung Gyi U also urged the formal market to open in conjunction with the elders of the city and members of the City Development Committee as soon as possible to assist the development of the city.