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Work on US$230 million industrial park in Hlegu expected to start in March

Work on the US$230 million (K338.7 billion) Singapore-Myanmar Hlegu Industrial Park project is set to begin in March 2020, one of the investors in the project has announced.

The agreement for the project, set to cover some 598 hectares in Hlegu township, Yangon, was signed between Sembcrop CSSD Myanmar Co, the local arm of Singaporean conglomerate Sembcorp, and local partners City Mart Holding Co Ltd (CMHL), and Myanmar Agribusiness Public Corp (MAPCO) in July this year.

The project is now awaiting formal approval from the Myanmar Investment Commission, said U Han Thaw Zay, executive director of MAPCO.

“We are waiting for the permit from MIC and we hope to receive it in January so that we can break ground for the project in March,” U Han Thaw Zay said.

He added that Sembcorp will hold a 67 percent stake in the project while City Mart Holding and MAPCO will hold 18pc and 15pc, respectively.

The Hlegu Industrial Park project will include general factories, food factories, warehouses, and the necessary infrastructure such as roads and electricity, said U Han Thaw Zay.

The project, which was approved by the Yangon Region Assembly, is being built on land provided by the regional government and will focus on food-based industries.

Once completed the industrial park will feature an access road to Thilawa Port via the Yangon-Mandalay Road so that goods from the park can easily be exported and also reach parts of upper Myanmar.

The creation of the industrial park city will contribute to the development of Yangon Region and create job opportunities for those living in Hlegu township, said U Han Thaw Zay.

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Source : Myanmar Times

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