YANGON—Myanmar will start construction tasks as the first phase for the Thilawa Special Economic Zone on Saturday (November 30), according to the zone’s management committee.
Nine local public companies and a consortium of three Japanese firms comprising Mitsubishi, Marubeni and Sumitomo are to develop the Thilawa SEZ, with Myanmar holding a 51-percent stake and Japan with 49 percent of the project.
“A special ceremony will be held on the evening of November 30 to launch the project. Japan’s side, with Mitsubishi, Marubeni and Sumitomo will join Myanmar’s consortium of nine public companies to become the Myanmar-Japan Thilawa Development Co Ltd to implement the zone,” said Than Than Thwel, joint secretary for the management committee.
Local residents living in the first-phase zone’s area will be relocated to a new place called Myaingthaya near Thanlyin-Kyauktan Road. The construction of infrastructure such as roads and land plots for building new houses is now under way, the committee said.
The Thilawa SEZ will be built in two main sections. Class A will include industries such as automotive and electronic factories, while Class B will include industries such as garments and consumer food factories.
The Thilawa SEZ occupies 2,400 square hectares of land approximately 20 km southwest of Myanmar’s commercial capital of Yangon.
The entire project is expected to be completed in 2015.
The Japan-Myanmar bilateral agreement was signed on May 25 this year to implement the first phase of Thialwa SEZ, becoming Japan’s largest investment in Myanmar in more than a decade.
Source: ELEVEN Myanmar