Myanmar Economic Corporation

Myanmar Economic Corporation
Native name
 မြန်မာ့စီးပွါးရေး ကော်ပိုရေးရှင်း
Industry Conglomerate
Founded February 1997 (1997-02)
Founder Ministry of Defence (Burma)
Headquarters Yangon, Myanmar
Subsidiaries Innwa Bank

The Myanmar Economic Corporation (Burmese: မြန်မာ့စီးပွါးရေး ကော်ပိုရေးရှင်း; abbreviated MEC) is one of the two major conglomerates and holding companies operated by the Burmese military. Founded in 1997 to establish profitable heavy industries that can provide the Burmese military access to supplies of important materials (e.g. cement and rubber), MEC's operations are shrouded in secrecy.[1] In 2009, MEC had 21 factories, including 4 steel plants, a bank, a cement plant and an insurance monopoly.[2] Its headquarters are located on Ahlon Road in Yangon's Ahlon Township.[3] MEC has remained on the United States' list of sanctioned companies due to its affiliation to the Burmese military.[4] MEC also operates Innwa Bank, one of Burma's few banking chains.[5]

MEC is operated under the Ministry of Defence's Directorate of Defence Procurement (DPP), with its private shares exclusively owned by active-duty military personnel.[6] The corporation's capital was established through revenues generated from the public auctioning of state-owned enterprises throughout the 1990s.[7] Through joint ventures with foreign companies and mergers with smaller companies, MEC has positioned itself as one of Burma's largest corporations.[7] In 2000, MEC launched Cybermec Information Technology Center, an IT venture.[8]

Along with Union of Myanmar Economic Holdings (UMEHL), MEC is widely observed to generate most of the Burmese military's operating revenue, which are not held accountable to the Burmese parliament, the Pyidaungsu Hluttaw.[9] The former Vice-President of Burma, Tin Aung Myint Oo, is a former Myanmar Economic Corporation chairman.[10]

References

  1. ↑ "Myanmar: The Politics of Economic Reform" (PDF). Asia Report N° 231 (International Crisis Group). 27 July 2012.
  2. ↑ Steinberg, David I. (2009). Burma/Myanmar: What Everyone Needs to Know. Oxford University Press. ISBN 9780195390681.
  3. ↑ "MYANMAR ECONOMIC CORPORATION". Excluded Parties List System. U.S. Government. Retrieved 30 September 2012.
  4. ↑ Bruce, Victoria (16 July 2012). "Reporting rules for US firms revealed". Myanmar Times. Retrieved 3 October 2012.
  5. ↑ "Administration Eases Financial and Investment Sanctions on Burma". HumanRights.gov. United States Government. 11 July 2012. Retrieved 3 October 2012.
  6. ↑ Singh, Ravi Shekhar Narain (2005). Asian Strategic And Military Perspective. Lancer Publishers. p. 209. ISBN 9788170622451.
  7. 1 2 Min Zin (August 2003). "Waiting for an Industrial Revolution". Irrawaddy. Retrieved 3 October 2012.
  8. ↑ "Generals invest in IT". Business (The Irrawaddy). August 2000. Retrieved 3 October 2012.
  9. ↑ "Junta stocking up on weapons for rainy day: observer". Mizzma. 24 December 2009. Retrieved 3 October 2012. |first1= missing |last1= in Authors list (help)
  10. ↑ Heather, Victoria (3 October 2012). "VP pushed out over corruption, resistance to reforms". Democratic Voice of Burma. Retrieved 3 October 2012.
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