A joint venture agreement for the second phase of Thilawa Special Economic Zone (SEZ) will be signed by Japan and Myanmar in October, according to the Thilawa SEZ Management Committee.
“We are going to sign a contract in October to establish a joint venture company organised by the governments of Myanmar and Japan, the public services and Japanese private firms,” said Sett Aung, Chairman of the Thilawa SEZ Management Committee.
The Japan-Myanmar bilateral agreement was signed on May 25 of this year to implement the first phase of Thialwa SEZ, becoming Japan’s largest investment in Myanmar in over a decade.
The first phase involves assessing the investment amount and an initial public offering. The construction of Thilawa SEZ will begin between the end of this year and early 2014. The project aims to be completed in 2015.
The government is paying compensation to local residents who have been relocated because of the project. They will also create job opportunities for Thilawa residents.
In Myanmar, there are three special economic zones: Thilawa, Kyaukphyu and Dawei. Among them, Thilawa is the only special economic zone that does not involve a deep-sea port project. Multinational corporations including Japanese companies have shown interest in the project.
Source: ELEVEN Media