Yangon industrial complex on way

YANGON – Construction on a joint venture industrial complex between Japanese and Myanmar companies has gotten under way in Yangon with an official ribbon-cutting and groundbreaking ceremony.

Upon completion in 2015, the industrial complex in the Thilawa Special Economic Zone, about 20 km south of central Yangon, is expected to draw businesses involved in apparel, car manufacturing and other services.

The consortium, joined by three major Japanese trading firms, the government of Myanmar and nine local companies, plans to prepare roads, sewage treatment equipment and other infrastructure at the 400-hectare site inside the 2,400-hectare zone.

Mitsubishi Corp., Marubeni Corp. and Sumitomo Corp. will jointly hold a 49 percent stake in the consortium, to be capitalized at $100 million, while the remaining 51 percent will be owned by the Myanmar government and local private companies.

During a ceremony Saturday at the construction site, Set Aung, chairman of the Thilawa Special Economic Zone management committee, said the event signifies “closer and stronger relationship and friendship” between Myanmar and Japan. He said the project will open up “a new chapter” in the history of Myanmar, a largely untapped market.

The development of the Thilawa SEZ, the first-ever special economic zone in Myanmar, will not only contribute to the economic development of the country but will also benefit people living in the area with increased employment opportunities, income and consumption, he said.

Set Aung expressed hope that the project will attract more foreign investment to Myanmar, and pledged cooperation with the developers and the investing companies for the successful establishment of the economic zone.

“We stand ready for better coordination, facilitation and to provide any necessary assistance to all the stakeholders, especially to the developers as well as investors,” Set Aung said.

Yoshihiko Isozaki, parliamentary vice minister of economy, trade and industry, attended the ceremony as a guest of honor. He said in his speech that the project will create job opportunities for ordinary local people.

Many Japanese companies remain undecided about investing in Myanmar due to procedural complications, he said, and solving such issues will bring in more investors.

Source: The Japan Times

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here

If you are interested to be listed in our Service Provider Directory as a supplier of services or products that we can use to match with the needs of our clients in Myanmar please fill up the online form by clicking here