Dec 24, 2012

Myanmar, Japan sign MoU on cooperation in Thilawa SEZ project

Myanmar and Japan on Friday signed a memorandum of understanding (MoU)in Yangon on cooperation in a special economic zone(SEZ), Thilawa in Yangon's Thilawa Port,at Park Royal hotel here.

The MoU on significant cooperation between Myanmar and Japan especially for the development of Thilawa project was signed by U Set Aung, Chairman of Thilawa SEZ Management Committee and Deputy Minister of National Planning and Economic Development of Myanmar and Nobuhiko Sasaski, Vice Minister of Ministry of Economic, Trade and Industry of Japan.

The signing was witnessed by Yangon Region Chief Minister U Myint Swe and Japanese ambassador to Myanmar Takashi Saito.

The SEZ project includes factories, high-tech industry, textile, labor intensive industry and manufacturing industry.

Japanese side committed to provide financial and technological resources and use advanced technology with least environmental impact.

Thilawa will be jointly developed by Myanmar with 51 per cent and Japan with 49 per cent, U Set Aung told Xinhua.

However, the permitted amount of the investment and the duration of the project and other details have not been revealed, he said.

The project will be implemented in 2013 and commercial operation will be launched by 2015.

Thilawa SEZ project covering an area of over 2,000 hectares lies between Thanlyin and Kyauktan townships in Yangon region, which is next to the Dawei Special Economic Zone project in southern Taninthayi region.

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.

According to figures, Japan injected a total of 216.94 million U.S. dollars as of July 2012 since 1988, standing the 12th in Myanmar's foreign investors line-up.

In the first four months (April-July) of the fiscal year 2012- 13, bilateral trade between Myanmar and Japan amounted to 443.65 million dollars.

Of the total during the period, Japan's export to Myanmar took over 337.19 million U.S. dollars while Japan's import from Myanmar represented 106.46 million dollars.

Source: Xinhua