Thilawa to Offer Modest Plots of Lands to Entice Small Businesses

Japan and Myanmar’s have agreed to es­tablish small factory rental spaces at the Thila­wa Special Economic Zone (SEZ) in a bid to promote investment among small and medium enterprises (SMEs), according to the zone’s operator.

Under a memorandum of understanding (MoU) signed by the Osaka Chamber of Commerce and Industry (OCCI) and the Union of Myanmar Federation of Chambers of Commerce and Indus­try (UMFCCI) 500 to 750 square metre plots inside the zone will be rented to SMEs “of all nationali­ties”, a press release said.

With Thilawa’s Zone A more than 95 percent oc­cupied, the factory rental spaces will be located in the under-construction zone B of the SEZ, which is due to be completed in mid-2018, said Myanmar Japan Thilawa Develop­ment (MJTD), the zone’s operator.

The latest move to at­tract small and medium businesses will bring “di­versity” to the SEZ’s ten­ant base and will help cre­ate 40,000 jobs as part of the zone’s second phase, it said.

“We are pleased that the MoU provides the flex­ibility that will benefit all small and medium-size companies,” said Takashi Yanai, President of MJTD.

“Attracting and encour­aging them is important for the development and diversification of the My­anmar economy.”

Since opening in 2015, Thilawa SEZ has attracted over $1 billion worth of in­vestment from 78 compa­nies in 16 different coun­tries with over half of that investment coming from Japanese companies, ac­cording to the MJTD.

The project hasn’t been without its detractors however. Last year NGO EarthWatch International condemned the removal of villagers during the de­velopment of Zone A, say­ing families were moved to areas with little access to clean water, waste removal facilities or farmland.

 

Source: Myanmar Business Today

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