South Korean firm ink agreement on Dala Bridge

The Yangon regional government signed a Memorandum of Understanding (MOU) with Myanmar Wooree Co, a South Korean firm, to establish an industrial project on July 11. The regional government plans to construct this industrial project on the western side of Yangon River and will plan to connect that with the proposed Dala Bridge, located in Dala township.

The regional government said authorities are preparing for the construction of the bridge and it is scheduled to open in 2020. If the bridge project goes ahead, the industrial zone will be “extremely well-positioned”, U Phyo Min Thein said.

Based on the study, different parties will determine the site area, types of investment and other details, U Myint Thaung, regional finance minister, told the Myanmar Times. The Korean firm mainly manufactures electronic products and exports them, he added.

“We met the Korean investors. Korean investors are more interested to invest in Dala township,” U Tun Yin, the regional lawmaker representing Dala constituency, said.

The MOU is merely the first step. Wooree is required to undertake a feasibility study. It will also be required to undertake an Environmental Impact Assessment (EIA), which is legally required by Myanmar law.

The 2015 EIA Procedure under the Environmental Conservation Law states that any industrial zone project requires construction and development of a proposed industrial zone/ park to undertake an EIA. Article 83 of that law demands that any permit regarding implementation of the project can only be granted to a developer after the issuance of an Environmental Compliance Certificate (ECC) by the environment ministry.

Korean investments go mostly to the oil and gas sector, accounting for US$2700 million, and the manufacturing sector, reaching $800 million, according to the Directorate of Investment and Company Administration (DICA). 600 Korea-based companies are registered in the country.

Currently, the Korea Land & Housing Corporation (LH), in partnership with the construction ministry, are building a $120 million industrial complex located over 500 acres in Nyaung Na Pin, Hmawbi township, in Yangon Region.

Source: MYANMAR TIMES

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