The Thilawa Special Economic Zone is to commence the construction of factories by this month, according to Win Aung, chairperson of Myanmar Thilawa SEZ Holdings.
“Factories construction will be allowed late this month. The aim is to prevent the resale of plots bought in the zone. We sell plots to buyers according to their proposals and plans. We prefer environmental friendly businesses,” said Win Aung.
Companies, mostly from Japan, Hong Kong and the EU, have proposed to build their factories for garment and food products in the zone.
“They will be only allowed to take out a lease for lands in the zone to build factories according to their business plan. We will see what kind of factories they build, how many work forces they employ, and their production stages,” said Win Aung.
The zone’s land prices are still under discussion to be set according to prevailing rates in the region, said Set Aung, chairperson of the Thilawa SEZ Management Committee.
Thilawa SEZ project is a Myanmar-Japan joint venture with the 51/49 per cent ownership ratio. It is a 2,400-hectare site situated adjacent to the Thilawa port in Thanlyin Township.
On Myanmar side, the Thilawa SEZ Management Committee holds 10 per cent stake and Myanmar Thilawa SEZ Holdings has 41 per cent stake in the project.
For Japanese side, the MMS Thilawa Development, led by three corporations, Sumitomo, Mitsubishi and Marubishi, takes 39 per cent stake and Japan International Cooperation Agency has 10 per cent stake in the project.
Source: ELEVEN Myanmar