- By Arkar Hein
Yangon Government that had projects both in and at the outer rim of the city had posted all the projects in Yangon Project Bank. Of the 80 projects posted, one was an industrial zone by a Thai company in Dagon Myothit (East) and Dagon Myothit (South) townships.
It was also known from Myanmar Investment Commission that Thailand’s Amata Corporation Public Co., Ltd. was permitted to establish an industrial zone project Yangon Amata Smart & Eco City in Yangon Region Dagon Myothit (East) and Dagon Myothit (South) townships.
Ministry of Construction Department of Urban and Housing Development (DUHD) and Amata Smart and Eco City (YASEC), a subsidiaries of Amata Corporation PCL, one of the leading industry city developer in Thailand signed a framework agreement to develop a Smart & Eco City, supporting infrastructure, logistics, services, other businesses related to the project.
An investment of about US$ 290 million
The project is situated in Yangon Region Dagon Myothit (East) and Dagon Myothit (South) townships near Lay Dount Kan Village on a more than 2,000 acres of land. The Thai company will invest about US$ 290 million said Directorate of Investment and Companies Administration Director General U Thant Zin.
The project was being implemented after an application to establish an industrial zone was submitted to Union level and permission was granted. The project was implemented under a land lease system and the land lease period was 50 years extendable for another 10 years.
According to the framework agreement, DUHD will hold 20% share based on the valuation of the land portion of the project while YASEC will hold 80% share with Amata making the financial investments.
At the signing ceremony of the framework agreement held at Yangon Region Government Office Mingalar Hall on 22 August 2019, Yangon Region Chief Minister thanked all relevant persons and entities toward their efforts and cooperation toward arriving at this stage and commented that the industrial zone project will provide opportunity not only for the development of Yangon and developers of the project but also to potential investors who want to invest in Yangon.
Permission was granted for implementation of Yangon Amata Smart & Eco City project only after full consideration was given toward the land situation, neighbourhood and surrounding situation, local’s socio economic situation, development and maintenance of natural greenery in the project area, road and water system etc.
Eco-Friendly green environment combined with modern technology
The project will combine eco-friendly green environment with modern technology without affecting the natural surrounding said Amata Corporation Pubic Co., Ltd. Managing Director Mr Yasuo Tsutsui at the framework agreement signing ceremony.
The project will include high standard housings, education, healthcare, roads, transport and support facilities, parks and recreation areas, businesses and industries. Once the project was completed, it will provide quality employment opportunities for more than 30,000 youths. It’ll create regional and economic development in a balanced way.
Furthermore, the project will attract the entry of foreign businesses and investments. As Amata family includes numerous Global Fortune 500 (2018) companies that include Toyota Motors, Cardinal Health, BMW Group, Nippon Telegraph and Telephone, Nestle, Bosch Group, Hitachi, Sony, BASF, Pepsi Co, Toyota Tsusho, Posco, Nippon Steel, Continental, Denso, Sumitomo, Mitsubishi Electric, Magna International, Mitsubishi Chemical, Bridgestone, Idemitsu Kosan and Sumitomo Electric, there’s a high possibility of such Global Fortune 500 companies entering into Myanmar through the industrial zone.
As the framework agreement was signed, necessary preparations were made toward implementing the project and a new Smart & Eco City will soon come into existence.
Translated by Handytips