US$1 billion smart city project kicks off with agreement

The government through the Ministry of Construction and Bangkok-based Amata Corp pcl signed a framework agreement on August 22 to jointly develop the Smart and Eco City located in East Dagon township, northeast of downtown Yangon.

Although termed an industrial zone project, the US$1 billion Smart and Eco City’s first phase of 2,000 acres comprises residential, office and industrial properties.

Yangon Amata Smart and Eco City Ltd (YASEC), the joint venture developing the project, will be controlled by Amata through an 80pc stake, with the remainder stake to be held by the ministry through its Urban and Housing Development Department. Amata mainly develops industrial estates in Thailand and Vietnam.

YASEC managing director Mr Yasuo Tsutsui said the project’s first phase will be completed over five years. “The project will create 30,000 jobs and bring in more local and foreign investors, which means more income for the government,” he said, adding that this would be the first industrial zone to be jointly developed between Myanmar and Thailand.

Amata will also develop transportation, logistics and other services related to the Smart and Eco City project over the long-term while Mr Yasuo said YASEC will ensure the project’s sustainability through incorporating green principles and proper urban planning.

Meanwhile, Yangon Region chief minister U Phyo Min Thein said the agreement was signed after a series of discussions that took place between the ministry and the regional government.

“We need such projects that can make better use of Yangon’s resources and we hope that the industrial zone will convince investors to come in,” he said.

Source: Myanmar Times

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