Chinese developer to invest US$390m in Mandalay project

The Myotha Garden town project is being developed with the aim of attracting foreign investment.

China’s Mandalay Boashang Myotha Development Co Ltd plans to invest US$390 million in the Myotha Garden town project that is being jointly developed by the Mandalay regional government and Mandalay Myotha Industrial Development Public Co. Ltd. (MMID), sources said.

The project – near Myotha, in Nganzun township, Myingyan district – is being developed on 10,000 acres of farmland and pastures acquired in 14 villages since 2012.

“The Mandalay Boashang Myotha Development company will invest US$390 million in the project,” said Aung Win Khaing, chairman of MMID.

“The company is trustworthy and rich. We expected the project to finish in June next year. The investors will face difficulties if they have to lease land where they can build factories. They will build factories and will rent them to foreign investors such as those from Thailand, China and Malaysia. This will attract foreign investment. It had been planned that the project will be finished within three years, but the Myanmar Investment Commission increased the project time span to five years.”

The company will build 22 factories, including those for consumer products and farm products. The regional government has allocated 40 megawatts of electricity for the project and the company is now using 20 megawatts for the construction process.

Five factories are already up and running at the complex – for food processing, plywood production, biscuit production, cement production and for shoemaking.

Source : Eleven Myanmar

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