Nov 2, 2015

Rakhine Gov’t Signs Industrial Zone Deal

Rakhine Plc and Kyaukphyu Special Economic Zone Holding Company has struck an agreement with the Rakhine state government to invest in Pone Nar Island Industrial Zone.

The company signed a memorandum of understanding with the Rakhine state government and bought 750 acres of land on which to invest.

U Mya Aung, chief minister of Rakhine state, said, “The company will start the development soon. We have signed the deal and now the company will operate after having an agreement with the Investment Commission.”

When the industrial zone is fully implemented, it will create an estimated 100,000 jobs for the local people, he said, adding that the state government is providing skills training to local people to become employable at the industries.

Pone Nar Industrial Zone is located in the northern part of Pone Nar Kyun township near Yay Pauk Chaung village on 1,833 acres of land. The government hopes this zone will emulate its bigger counterpart, Kyaukphyu Special Zone, in the future.

More than 30 factories will be built including garment factories, marine products and fish sauce factories, among others, according to a government announcement.

Source: Myanmar Business Today