Established in 1997, the Myanmar Economic Corporation (MEC) operates an extensive and diverse myriad of companies,ranging from the mining sector to construction, manufacturing, trade, agriculture, oil and gas industries, telecommunication and financial services. As one of Myanmar’s leading conglomerates, MEC plays a crucial role in the national economy, creating jobs and improving living conditions. “Our vision is to support the economic development of the nation, to promote higher living standards and to eradicate poverty”, Managing Director U Thant Swe points out, adding that their mission is to provide high-quality products, services and innovation for the consumer-based market economy.
Covering multiple sectors, MEC owns 36 factories, several service companies, seven mining and two trade export-import companies. “Our products support the state economy in every sector. In construction, our steel, cement and services have built vital infrastructural objects, such as the bridge across the Sittaung River, the very recently opened General Aung San Bridge in Mon State and the Flyover bridges, which is crucial for traffic and commerce in the bustling Yangon City”, U Thant Swe explains.
The two large cement plants owned by the corporation, which operate since 2000 in Myainggalay, have supported Myanmar’s road construction sector, including the major Yangon-Naypyidaw motorway, thus boosting regional and national development and growth.
The agricultural sector has benefited from the corporation’s activities as well, including the producers of sugar, tea and dairy products. “We have food and beverage manufacturing factories which produce at a very reasonable price”, U Thant Swe says. One of MEC’s subsidiaries, Dagon Beverages Company Limited, produces the highly acclaimed Dagon beer. Receiving prestigious international awards year after year, such as the Crystal Prestige Trophy, the Monde Selection and the International High-Quality Trophy, The Best Brewery, critics and customers enjoy the taste of this market leading product.
Banking, telecommunication and transport are moving the country forward
In addition to MEC’s construction and agricultural production companies, their transport and logistics, telecommunications and banking services cater to a multitude of needs of about 55 million population of Myanmar.
Their reputable Innwa Bank provides financial aid and loans to less developed regions and farmers for growing their crops. Licensed by the Central Bank, MEC’s Myanmar Mobile Money is a pioneering concept which provides clients with a simple and easy access to financial services needed for the development of their business, as well as the individuals who are dwelling in rural area and household expenditures. MEC aids the development of remote areas, providing loans to farmers aimed at supporting their agricultural production.
Customers enjoy the protection of the corporation’s insurance services, with tailor-made life, health, travel and sport insurance plans.
MECTel, the telecommunications network of the holding, connects millions of subscribers from every corner of the country. MEC has branched out for the mobile phone business not only by “MECTel” but also by “Telecommunication International Myanmar Co., Ltd.” which has been established in JV form with the trade name of “MYTEL” for 4th Operator of Myanmar mobile telecommunication industry.
Another MEC subsidiary is the “Tristar Tyre Factory”, the biggest producer of internationally standardised tyres in the entire region.
Operating the large Ahlone International Port Terminal, MEC serves as a bloodline of the nation’s import and export services, providing container carriers and logistic services, while the port clearance enterprise assists clients through the necessary customs procedures.
The corporation has set its targets with very high standards. The General Manager explains, “Customer satisfaction is our outmost priority. If we have the same price with our competitors, our product must be better. The quality of MEC products is internationally standardised, with ISO and other international certifications. If the quality of ours and the competitor’s product is the same, our product must be cheaper”.
CSR projects for the benefit of all
Following the Union Taxation Law strictly, MEC is one of the largest taxpayers in the country and a top collaborative role in corporate social responsibility projects and natural environment conservation, providing support to the state, to society and to individuals in need.
In times of crises and emergencies, MEC has delivered assistance and materials to those in dire need, as the case in the aftermath of the cyclone Nargis seven years ago. The corporation donated for the construction of water treatment facilities, primary schools, hospitals and public infrastructure. MEC also built high schools and a technical high school which produce high-quality employees for small and medium enterprises. Sports are supported as well, and the Dagon FC brings particular pride to MEC’s management and staff.
With superb quality and outstanding success branding each segment of the conglomerate, MEC is truly the corporate jewel of Myanmar’s economy. Summarising the growth potential of the country and the business perspectives of the corporation, U Thant Swe concludes with an invitation for foreign investors “to work with MEC for a mutual benefit, aiding the development of Myanmar”.