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Myanmar offers tax exemption to entrepreneurs investing in new Yangon city project

YANGON, March 2 (Xinhua) — Myanmar is offering zone-wise tax exemption to entrepreneurs investing in a New Yangon City Project, aimed at attracting more investors to the city expansion project being implemented on lands to the west of Yangon River, according to the Myanmar Investment Commission Saturday. Those investing in Zone-1, which is least developed, […]

China’s top planning agency doubles down on Belt and Road collaboration

Ning Jizhe, vice chair of China’s top planning agency National Development and Reform Commission (NDRC), visited Myanmar from November 24 to 27. The visit is built on the consensus reached by State Counsellor Daw Aung San Suu Kyi and China’s leader Xi Jinping at the end of 2017, with regards to the China-Myanmar Economic Corridor […]

New Yangon City CEO Urges Gov’t to Act Quickly to Secure Chinese Investment

The CEO of the New Yangon City project said he believed the controversial project on the western bank of the Yangon River will be “a success” if Myanmar is able to take advantage of trade tensions between the U.S. and China and lure more foreign investors. “I believe we will succeed; now is the right […]

Capital for NYDC are Deposited to Local Banks

New Yangon City Project, Yangon Regional Government’s mega project, will be implemented on the western bank of the Hlaing river. The project is falling behind the scheduled start date, because of this the capital for the project is being deposited in local banks, KBZ bank and AYA bank, Daw Khin Than Hla, Yangon Regional Auditor […]

New city development needed to draw foreign investments: Chief Minister

Yangon must be developed further to free up space for new industrial zones and residences, which, in turn, will draw more foreign investors to the city, said U Phyo Min Thein, the region’s chief minister, during an August 24 press conference detailing his government’s plans for the coming quarters. The chief minister this year announced […]

Can the regional government manage both old and new Yangon?

The Yangon region government has come under flak since March, when it announced the launch of a new Yangon City project at the west bank of Yangon River. If and when the first phase of the US$5 billion development is complete, it will include five village townships, two bridges, 26km of artery roads, 10 sq […]

New Yangon City Project CEO Questioned About Role of Chinese Firm

YANGON—Serge Pun, the CEO of the controversial New Yangon City project on Saturday partially disclosed the terms of a deal with a Hong Kong-listed Chinese firm that could see it provide infrastructure for the first phase of the development. The revelation came amid a question and answer session at a public meeting organized by the […]

Yangon Govt Submits Plans for New Port, Industrial Zones

YANGON — The Yangon Region government is seeking approval for 11 new industrial zones on the city’s outskirts and a new multipurpose port terminal near the mouth of the Yangon River to promote regional development, create jobs and attract foreign investment. Yangon Region Chief Minister U Phyo Min Thein first revealed plans for the new […]

Yangon works with China to lay down development plan for new city project

New Yangon Development Company (NYDC) on Monday signed a framework agreement with China Communications Construction Company (CCCC) under which the two parties will carry out the necessary surveys and studies needed to develop and implement a new city in Yangon. NYDC is backed by the Yangon Regional Government, while CCCC is one of the largest […]

Investor interest in New Yangon City project rises, more FDI expected

Since its launch in early April, investor interest in the New Yangon City project from China, South Korea and ASEAN has been on the rise, Yangon Chief Minister U Phyo Min Thein said during a press conference at the 2018 Yangon Investment Forum on April 20. The Yangon Region Government is now courting foreign direct […]