ELEVEN companies invested in the country’s first Thilawa Special Economic Zone, located in Yangon Region, are likely to begin operating later this year according to Dr Than Than Thwe, joint secretary-general of the Thilawa SEZ Management Committee.
Aside from one investor all involved companies are meeting their plant construction targets. Construction of the entire zone sits at around 70 per cent completion.
Fifty companies including 14 from Japan, four from Taiwan and three from Thailand in addition to investors from China, Sweden, the U.S, Hong Kong, Australia and domestic companies have offered to invest in the SEZ project. Over 40 of them received investment certificates on 12 December 2014.
“We granted 36 companies from Japan, the U.S, Hong Kong, Singapore and France permission to operate their businesses in the zone,” said Dr Than Than Thwe.
The selected firms include electrical and electronic products manufactures, food and beverage producers, car makers and auto accessory plants.
The government set the land rental price within the zone at US$70 per square foot in accordance with accepted international investment policies.
Currently, investment-related businesses have been dealt with by the staff of the Department of Human Settlement and Housing Development located near 48 Street in downtown Yangon.
The 396-hectare Zone-A of Thilawa SEZ enterprise, which is located 25 kilometers southeast of Yangon, is being implemented in two phases. Initiated in late November 2013, the first phase comprising 211 hectares was put into operation in September 2015.
Initially, the Thilawa SEZ Holdings Public Co sold 2.145 million shares to the public at K10,000 (US$8.53) per share.