Korea-Myanmar Industrial Zone project to be completed by 2024

ABOUT US$120 million will be invested in the Korea-Myanmar Industrial Zone (KMIC) Project phase 1 in Hlegu Township, Yangon Region, and it is planned to be completed by the end of 2024. The industrial zone project will be implemented in two parts on a total land area of 555.81 acres. Forty per cent of the project was financed by the Department of Urban and Housing Development. The Korean government-owned Korea Land Housing Corporation (LH) jointly owns 40 per cent and the Korean company Korea Global Sae-A 20 per cent. Currently, the Korea-Myanmar Industrial Zone (KMIC) Project phase 1 is being implemented on a land area of 314.69 acres. Phase 2 of the project will also be carried out on a land area of 241.12 acres. Phase 1 of the project started in December 2021, and it is scheduled to be completed in December 2024. It will be implemented at a cost of about $48.45 million for the construction of phase 1 of the Korea-Myanmar Industrial Zone (KMIC) project. A total of about $120 million will be invested in the entire KMIC project. The Korea-Myanmar Industrial Zone (KMIC) project will include residential and commercial areas in addition to the industrial zone and will be developed into a large international-level industrial zone. Upon completion, the international industrial zone will create around 50,000 to 100,000 employment opportunities for local people. Source: GNLM

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