Foreign firms have invested over $1bn in Thilawa SEZ

Foreign businesses invested more than US$1.075 billion in the Thilawa Special Economic Zone between November 2014 and June 2017, with over $773 million, or 71 per cent, in industrial the industrial sector, according to the Directorate of Investment and Companies Administration.

Among the remainder of the foreign investment, $101.2 million went to the commodity trading sector, $81.2 million to the service sector, $77.250 million to the transport and supply sector, $30 million to the housing development sector, and $12 million to the hotel industry.

Win Aung, president of Myanmar Thilawa SEZ Holding Public Limited, said Zone B of the SEZ is still in the process of being built, and over 20 per cent of the area has been sold to international companies.

“About 98 per cent of Zone A has been sold, while more than 20 per cent has been sold in Zone B, which is still under construction. Those companies are from various countries, including South Korea,” said Win Aung.

The first phase (250 acres) of the Zone B project is expected to be completed by the middle of 2018. Investors will be able to lease some of the land later this year.

According to the Ministry of Commerce, upon completion of the Thilawa SEZ project, about 150 international firms are expected to invest up to US$1.7 billion.

Source: Eleven

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