The company is said to have been founded by a local businessmen on 8thof January under commercial registry No. 4201/2012-2013 of the Directorate of Investment and Company Administration (DICA) of the National Planning and Economic Development Ministry.

“We have founded this company mainly to work for our regional development”, U Thein Zaw, the Director of the company, told Narinjara.

He said the company has been founded mainly by the investments of the local businessmen and will work as a public limited company.

“We will invite general Arakanese people to invest in our company. We will also invite other ethnic businessmen and people to invest in our company so that we can do our businesses not only in Arakan State but also in other places in Burma”, he said.

He said the company will strive to provide job opportunities for Arakanese people in their home region and will open vocational training centers for them so that they are qualified to get employment in the special economic zone that is to be opened in Kyaukphyu and other businesses in the region.

The company is expected to be able to start its operations at the end of next month after receiving the permit of implementation from the ministry, he added.

Local well-known businessmen such as U Shwe Thein Kyaw, U Oo Phoe Thein, U Nyein Chan Maung (Kyaukphyu), U Aung Naing Win, owner of Novel Hotel, and U Tin Win (Yangon), and intellectuals, lawyers and retired officials are said to be included in the executive board of the newly founded Rakhine Development Corporation Limited.

A share is said to be sold at Kyat 10,000 and anyone in Burma can buy up to Kyat 100 millions.

It is learnt that the company has opened its head office at House No. 220, Khaye Myaing Road, Thuwanna, Thingangyun Township in Yangon.