While striving to obtain foreign investment to mitigate the impact of the COVID-19 pandemic on Myanmar’s economy, the government hopes to plan the implementation of three major infrastructure projects in the Yangon region, which South Korea, Singapore and Thailand will soon begin to implement.

At the annual meeting of the Federation of Myanmar Chambers of Commerce and Industry, U Thaung Tun, who is in charge of the Investment and Foreign Economic Relations Federation, said that although the global economy is facing many challenges due to the COVID-19 pandemic, Myanmar’s agriculture, power and industry The sector has the potential to attract investment from domestic and foreign investors.

The minister said that Myanmar needs to implement industrial zone, port, road and bridge projects in the country to create a viable business environment and attract more investment.

South Korea's Myanmar Industrial Park (KMIC) will start construction on December 24, and the government will soon start the actual implementation of AMATA Smart and Eco City. The project will be jointly implemented by Myanmar and Thailand. Myanmar- The Singapore Industrial Park will be implemented jointly with Singapore.

"The Irrawaddy" understands that the forthcoming "Myanmar Economic Recovery and Reform Plan" (merp) includes a commitment to develop more special economic zones and industrial zones in strategic areas and sectors of the country with internationally experienced developers.

South Korea Myanmar Industrial Park

The Korea-Myanmar Joint Industrial Park, KMIC, will be built in Hlegu Town, Yangon Region. This is the first such economic cooperation project between the governments of Korea and Myanmar. The Ministry of Construction of Myanmar holds 40% of the shares of Korea-Myanmar Industrial Development Co., Ltd., while Korea Land and Housing Corporation and Global Sae-A Co., Ltd. hold 40% and 20% of the shares respectively.

The infrastructure project, which is estimated to cost 110 million U.S. dollars (148.95 billion kyats), is expected to be completed in 2023. The project will be built on 558 acres (225 hectares) of land and will focus on the production of small and medium export products. The Yangon Project Bank said that these enterprises and heavy industries will include a vocational school.

It is estimated that about 200 South Korean companies will invest in production facilities and it is expected to generate 10 million U.S. dollars in taxes each year. Construction Minister U Han Zaw promised that KMIC will create 50,000 to 100,000 jobs and support the development of the country’s industrial, export and human resources sectors.

Yangon Amata Smart Eco City

Yangon Amata Smart Eco City, which is hailed as a modern industrial center by the Yangon local government. The estimated $1 billion project is planned to be developed on 2,000 acres of land near Laydaunkkan Village in East Dagon and South Dagon Town in Yangon. The project will be jointly developed by the Ministry of Urban Construction, a department under the Ministry of Construction, and Amata Corporation of Thailand.

In January 2020, the Union of Myanmar Chamber of Commerce and Industry Association and Amata Asia (Myanmar) Co., Ltd. signed a 50-year land lease agreement. The Union of Myanmar Chamber of Commerce and Industry Association holds a 20% stake in the company developing the project, and the remaining shares are owned by Amata Asia (Myanmar) Co., Ltd. The Ministry of Construction stated that the project is expected to create 33,000 jobs, attract foreign investment and promote industrial output and exports in the Yangon region.

Myanmar-Singapore Hlegu Industrial Park

The Myanmar-Singapore Hlegu Industrial Park is expected to be built on 436 hectares of land in Hlegu Township, Yangon, at an estimated cost of US$230 million. The project was approved by the Myanmar Investment Commission in early 2020. It will be jointly developed by Sembcorp CSSD Myanmar, a subsidiary of Singapore Sembcorp Industries Co., Ltd., Myanmar's Pahtama Group and Myanmar Agribusiness Co., Ltd. (MAPCO).

According to the Yangon local government, the park will focus on the development of the food industry. The developer will also build a passage to the Japanese-backed Thilawa port in Yangon via Yangon-Mandalay Road, so as to transport goods from the park to northern Myanmar.Editor/Huang Lijun