Korea-Backed Industrial Zone to Locate in Northern Yangon

South Korea and Myanmar have reached an agreement to establish an industrial zone in northern Yangon, and constructions will begin in early 2018, Daw Moe Thida, assistant director of the Department of Urban and Housing Development (DUHD), told The Myanmar Times on June 21. At Nyaung Na Pin township, the industrial complex project will have an estimated area of 570 acres. South Korea state-owned corporation, Korea Land & Housing Corporation (LHC), and the Myanmar’s DUHD, have signed an agreement in South Korea to build the complex as a government-to-government project on June 16, she continued.

 

For the project, the LHC will be investing 60 percent, while the Myanmar government invests 40pc. In total, the collaboration is estimated to have over US$100 million in investment, the assistant director added. “Currently, regarding the construction works, ground inspections are being carried out. The construction will probably begin in January or February, 2018. “As this project is a joint-venture between two governments, the LHC and DUHD will take the lead. It is estimated to cost around $100 million. But, the precise amount is still being calculated,” she continued. Furthermore, according to information published by Myanmar’s state-owned newspapers, Korean EXIM Bank, or the Export–Import Bank of Korea, chair have been liaising with Union Minister U Win Khaing of the Ministry of Construction regarding the possibility to offer interest-free loans and other support to the project.

 

In order to boost Myanmar’s economy, policies of import substitution and export promotion will be adopted and new industrial zones and SEZs will be built, said U Kyaw Win, Union Minister for the Ministry of Planning and Finance. Additional industrial zones and SEZs will be constructed in Yangon Region, the minister said at the investment forum in Nay Pyi Taw, mid-June. There are 19 industrial zones completed and six new zone expansions currently under construction. Under the current government’s plan to upgrade industrial zones, Hlaing Tharya Industrial Zone is undergoing renovations, said Chief Minister U Phyo Min Thein.

 

Source: The Myanmar Times 

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