YANGON—The Youth Force Group of Companies (Youth Force), which is owned by a Myanmar citizen, says it will build a precast concrete factory here for low-cost housing projects with the assistance of Yau Lee Holding, Ltd, a top Hong Kong-based company.
“Myanmar is now facing high demand for housing. A precast concrete factory will be aimed at building low-cost housing apartments, which are a basic need for the public right now. Although Youth Force has signed an agreement with Yau Lee Holding, Ltd to build such a factory, we still haven’t found a suitable site for its construction,” said Tin Tun, managing director of Youth Force.
Once the company chooses a proposed site for the factory, it will submit the proposal to the Myanmar Investment Commission after receiving approval from the Ministry of Construction.
“We will likely build the factory in the Thilawa Special Economic Zone (SEZ), which is currently running with Japan as a joint venture,” Tin Tun added.
At present, Youth Force has provided technical aid for affordable housing projects, which are being built by the Ministry of Construction after consulting with international experts.
Hong Kong-based firms currently rank third among the foreign investment sector in Myanmar, with an investment volume amount of more than US$ 6.46 million (Ks 6.38 billion), according to the Directorate of Investment and Companies Administration.
Source: ELEVEN Myanmar