Myanmar authorities are introducing measures to minimize and eliminate price manipulation of industrial zones by constantly inspecting and supervising business operation there, official media reported Monday.
According to the Ministry of Industry, the legitimate entrepreneurs who want to run a business in an industrial zone have to buy land at an exorbitant price from those who have previously purchased the land but not started a business and instead are monopolizing the price of the property.
Some businessmen are reported to have bought the land plots for property speculation or for warehouse lease rather than for business use.
The phenomenon has sparked complaints about not having vacant land, causing production cost and commodity prices to rise.
In the wake of price manipulation of land in industrial zones, the authorities have introduced a rule and regulation stating that if businessmen fail to set up a business in an industrial zone during a prescribed time frame of six months, the government will confiscate the non-operational land bought.
There are 21 industrial zones across the country, of which nine are in Yangon with the biggest being Hlaingtharyar.
Meanwhile, Myanmar has been planning one more industrial zone in Maubin, the country's southwestern Ayeyawaddy region, which is designed to create job opportunities for 77,000 local people.
The Maubin industrial zone project is scheduled to complete within three years, earlier report said.