doing business in myanmar – what you need to know as a singaporean
YANGON- US$ 110 million worth Korea-Myanmar Industrial Complex(KMIC) project will be implemented in Nyaungnapin, Hlegu Township, Yangon Region.
The approximately 555 acres wide project will begin near Nyaungnapin village, western part of about 5-mile away from the Yangon-Mandalay Expressway and it is a joint venture between Civilian and Housing Development Department under the Ministry of Construction and Korea Land and Housing Cooperation under the Republic of Korea.
The Memorandum of Agreement on construction of KMIC project was signed last year and Korea will invest 60 percent in the project and Myanmar is 40 percent investment. It will start this year and finish in 2023.
“Korea plans to establish industrial zone in Nyaungnapin village in cooperation with the ministry of construction. Both sides have agreed but project isn’t submitted yet to the Myanmar Investment Commission (MIC). Korea wanted to implement the Nyaungnapin industrial zone to build Korean factories in the zone,” said Aung Naing Oo, MIC’s Secretary.
Not only small, medium and large industries but also Labour Training School of One Stop Services, Staff Housing, Park, Sewage refinery Plant, Management Office and other services will involved in the zone.
“Although MIC allows the project, they[Korea] must be taken to the proposed site for construction of industrial zone under agreement of the respective regional government committee. If the location is satisfactory, we will allow the project. Moreover, KMIC project has been involved in the MIC’s promotion sector. But, it must be cleared regarding the land first,” said Aung Naing Oo.
Source : Eleven Myanmar
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