Chinese firm in talks to develop industrial zone

A Chinese firm is the latest foreign investor to express an interest to develop an industrial zone in Hlaing Thayar township in the commercial capital of Yangon, where land nearer to downtown townships have become scarcer in recent years.

Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) chair U Zaw Min Win said a meeting was held between this Chinese firm and Vice-President U Myint Swe on August 23 to discuss details of the zone project.

He said the country should take advantage of as many opportunities as possible to welcome foreign investors who want to develop industrial zones.

Several agreements have been signed with foreign investors to develop industrial zones this month, with Bangkok-based Amata Corporation pcl signing a framework agreement with the Ministry of Construction to develop the US$1 billion Smart and Eco City in East Dagon township located northeast of downtown Yangon on August 22.

Earlier in the month, the ministry also signed an agreement Korea Land and Housing Corporation and Global Sae-A Co Ltd to develop the US$110 million Korea Myanmar Industrial Complexin Hlegu township north of Yangon proper.

Last month, Yangon’s regional Hluttaw approved the Htantabin and Hlegu industrial park projects to the north of Yangon proper. The Htantabin park, with investors from China, Hong Kong and Myanmar, has been estimated to cost US$330 million in eight years and US$840 million over 15 years while the Hlegu park, which involves Singaporean investors, has been estimated to cost US$129 million over nine years.

Yangon Region and especially the country’s commercial capital and largest city of Yangon faces a shortage of land for developing industrial parks. The private sector owns the 29 existing industrial parks mostly located in and around the city.

Yangon Region chief minister U Pyo Min Thein said plans were underway to allocate land for those who want to invest in the manufacturing sector but these plots would only be sold to those who want to immediately develop these plots. “These plots will not be sold to manipulative market players,” he said.

U Phyo Min Thein added that the regional government has also been cooperating with local firms to implement projects and that sales of plots of land for such projects would be used to compensate the K200 billion owed to landowners and farmers whose land has been taken for development purposes.

Source: Myanmar Times

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