Memorandums of Understanding (MoUs) were signed for undertaking 19 projects, including Htantabin Technology Park Project, as well as a Memorandum of Agreement (MoA) on 10 May at Yangon Investment Forum 2019, held at Lotte Hotel, Yangon.
A great deal of MoUs have become more productive following the Yangon Regional government creating for foreign investment opportunities. The government will later announce detailed information about the 19 projects.
“Today, many companies from the private sector signed MoUs. The regional government has formulated plans to develop the 11 townships outside the Yangon City municipal area. So, we have succeeded in encouraging private companies, both local and foreign, to become interested in investments,” said U Phyo Min Thein, the chief Minister for Yangon Region Government.
Moreover, foreign companies from Hong Kong and China will cooperate with Myanmar in making investments in the establishment of the first technology company on a 740 hectare plot in Htantabin Township, according to the Yangon-Htantabin technology industrial company limited. Garment factories, shoe factories and other technological industries will mainly invest in this industry zone. Myanmar will also invite more foreign investors from around the world.
“This year, more companies signed MoUs at Yangon Investment Forum 2019. Signing the MoUs has had a dramatic impact upon how we think about development in Myanmar,” said U Phyo Min Thein. The industrial zone project will include establishment of industrial zones, housing estates, commercial buildings, recreation areas, as well as upgrading roads and jetties through which both local passenger and cargo vessels can have access to the Thilawa International Terminal.
The industrial zone is located northwest of the Yangon region. The companies will also construct a 200-meter-long friendship bridge in the west of Htantabin that will connect the Bago region.
The industrial zone project will be carried out in four phases. This industrial zone will be able to offer job opportunities for 150,000 people, and become a hallmark of Yangon Mega City by 2030.
By Aye Yamone(Translated by Hay Mar)