The Myanmar Investment Commission (MIC) has approved the construction of a new industrial zone in Maubin township, Ayeyarwady region, said MIC secretary U Aung Naing Oo.
The Maubin Industrial Zone is now being developed on 250 acres of land in Maubin. Construction of the zone commenced in May this year, although official MIC permission was granted only this month.
“The project was submitted for approval by MIC last year but it was delayed as land certificates and other documents were needed. The authorities inspected the project and the grounds in the meantime and permission for the project to start officially has now been granted,” said Daw Mya Sandar, director at the Directorate of Investment and Company Administration.
The zone is being developed at an initial cost of $28 million However, “the amount could increase when more construction works are done,” said U Aung Naing Oo.
Its shareholders include China’s Shanghai Yangon Investment Company with a 55 percent stake, local public company Maupin Development with a 30pc stake and Southern Middle Industry Co, also a local company, with a 15pc stake.
Construction of the new industrial zone will take place over 3 years and will include up to 50 factories involved in manufacturing garments, food and other products.
Including the Maubin Industrial Zone, there are now four such Industrial Zones involving foreign direct investment. Among the four, Mingalardon Industrial Zone, I Land Industrial Park and Bago Industrial Zone have been successfully constructed. The fourth, Thanlyin-Kyauktan Industrial Zone near the Thilawa Special Economic Zone, was unsuccessful.
There are nine Industrial Zones operated by local investors. The Mandalay-Myintha Industrial Zone built on 10,000 acres land in Myingyan District is the most successful one. Industrial Zones in Kokang, Myawady, Pathein and two from Taungoo District are also successful.
The MIC as also approved couple of smaller Industrial Zones in Lathakone, Latha Village in Bago District and a second one near Malit Village in East Dagon Port.
Source: Myanmar Times
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