Yangon to push three large FDI projects to boost economy

Yangon to push three large FDI projects to boost economy

Yangon Region Chief Minister U Phyo Min Thein, who is also chair of the Yangon Investment Committee, has revealed that the regional government is prioritising the implementation of quickly three industrial zones.

Speaking at a meeting of the Yangon Investment Committee last week, U Phyo Min Thein said moving forward quickly with the projects would help local businesses and create job opportunities in the region since other new investments might take a while to emerge due to travel restrictions caused by the COVID-19 pandemic.

The three projects to be prioritised are the Hlegu Industrial Park, Yangon Amata Smart Eco City, and Korea-Myanmar Industrial Complex. All three had previously been approved by the Myanmar Investment Commission (MIC). “The Yangon Investment Committee will provide as much support as possible in order to implement these projects,” U Phyo Min Thein said.

The most recent of the three projects, approved by the MIC on July 31, is the Hlegu Industrial Park. The US$230.6 million project, to be developed by Singaporean conglomerate Sembcorp Industries, is set to cover 566 hectares in Hlegu township, Yangon. The deal for the project was signed by Sembcorp CSSD Myanmar Co and local partners Phatama Group Co Ltd and Myanmar Agribusiness Public Corp (MAPCO) in July 2019.

While work on the project had originally been planned to begin in March, this was delayed by the COVID-19 pandemic, said U Han Thaw Zay, executive director of MAPCO.

The Korea-Myanmar Industrial Complex (KMIC), meanwhile, is government to government project valued at around US$100 million that will be located in Hlegu,

Work on KMIC is expected to begin before the end of the year despite the pandemic, said Kim Gun-Woo, general manager of Korea Land and Housing Corporation representative office in Myanmar, recently. The third project, Yangon Amata Smart Eco City, is estimated to be worth US$270 million and will involve the Department of Urban and Housing Development and Amata Asia (Myanmar), a subsidiary of Thailand-based industrial conglomerate, Amata Corporation. The development will be in East Dagon township.

Besides prioritising about the three projects, the meeting of the Yangon Investment Committee on August 12, also discussed another three new investments. The new investments are two foreign projects valued at US$6.94 million, and one local investment worth K2.17 billion, in the manufacturing sector. The new projects are expected to create 1073 local job opportunities.

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Source : Myanmar Time

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