Myanmar Economic Corporation
|
Native name
|
မြန်မာ့စီးပွါးရေး ကော်ပိုရေးရှင်း |
|---|---|
| Industry | Conglomerate |
| Founded | February 1997 |
| 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. In 2009, MEC had 21 factories, including 4 steel plants, a bank, a cement plant and an insurance monopoly. Its headquarters are located on Ahlon Road in Yangon's Ahlon Township. MEC has remained on the United States' list of sanctioned companies due to its affiliation to the Burmese military. MEC also operates Innwa Bank, one of Burma's few banking chains.
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. The corporation's capital was established through revenues generated from the public auctioning of state-owned enterprises throughout the 1990s. Through joint ventures with foreign companies and mergers with smaller companies, MEC has positioned itself as one of Burma's largest corporations. In 2000, MEC launched Cybermec Information Technology Center, an IT venture.
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. The former Vice-President of Burma, Tin Aung Myint Oo, is a former Myanmar Economic Corporation chairman.
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