A Myanmar public company, which is one of the two Myanmar companies formed in joint venture with two Japanese counterparts to develop the Thilawa Special Economic Zone (SEZ) in the outskirts of Yangon, will sell its shares to the public soon, official media reported Friday without specifying the date of the move.
Two Myanmar companies and two Japanese companies established a joint venture under the name of Myanmar-Japan Thilawa Development Co Ltd in Tokyo, Japan on Oct. 29 to operate the SEZ project.
The two Myanmar companies are the government’s Thilawa SEZ Management Committee and the Myanmar Thilawa SEZ Holdings Public Co Ltd, while the two from Japan are MMS Thilawa Development Co Ltd and Japan International Cooperation Agency (JICA), said the New Light of Myanmar.
The JV Company’s share ratio is 51 percent by Myanmar and 49 percent by Japan.
The JV company will start implementing the first phase of Thilawa SEZ in accord with international standards in mid-2015, the report added.
The planned Thilawa SEZ project includes factories, high-tech industry, textile, labor intensive industry and manufacturing industry.
Thilawa SEZ project covering an area of over 2,000 hectares lies between Thanlyin and Kyauktan townships in Yangon region.
Meanwhile, the Japan International Cooperation Agency (JICA) agreed to provide a loan of over 51 billion yens’ Official Development Assistance (ODA) to Myanmar in June.
Of the 51.052 billion yen’s ODA loan, 20 billion yen is for development of infrastructure in Thilawa SEZ and 14.052 billion yen for upgrading power grid project and power stations in Yangon.
According to official statistics, Japan’s investment in Myanmar amounted to 273.423 million U.S. dollars as of July 2013 since Myanmar opened to such investment in late 1988 and standing the 11th in Myanmar’s foreign
Source: Mizzima News Myanmar