Oct 4, 2012

Myanmar to set up 7 more local industrial zones

Myanmar is planning to set up seven more local industrial zones in addition to the existing 18 of its kind in the country, official media reported Wednesday.

The seven planned new industrial zones will be Tatkon in Nay Phi Taw, Yadanarbon in Mandalay, Hpa-an, Myawaddy and Phayathonzu in Kayin state, Ponnagyun in Rakhine state and Namoum in Shan state, the Ministry of Industry was quoted by the New Light of Myanmar as saying.

Aimed at developing the internal industrial work, the addition of the seven local industrial zones will bring the number of such zones to 25 in the country, the report said, adding that the new industrial zones will be able to generate a great deal of job opportunities for local people.

There are also some planned special economic zone (SEZ) projects in Myanmar such as Thilawa in Yangon's Thilawa Port, Dawei in southern Taninthayi region and Kyaukphyu in western Rakhine state.

Regarding the Thilawa SEZ project, three Japanese industrial and economic groups have reached agreement with the Myanmar government in September to establish the zone.

Under the agreement, Japan's Mitsuibishi Corporation, Marubeni Corporation and Sumitomo Corporation will obtain 49 percent's share to run the 2,400-hectare Thilawa SEZ, while Myanmar entrepreneurs in the form of public company, will take 56 percent, Myanmar's Federation of Chambers of Commerce and Industry was quoted as saying.

The government had designed to enable Myanmar nationals to be able to establish a public company in partnership with foreign companies on joint-venture basis for the project.

The government also invited other foreign investors such as South Korea, China, Singapore, Thailand and Malaysia to engage in the Thilawa SEZ project.

As for Myawaddy and Hpa-an industrial zones, plans are being made for the establishment with the cooperation of neighboring Thailand.

Myanmar's previous government promulgated the Special Economic Zone Law in January 2011, three months before the new government came into being in March the same year.

Source: Xinhua