By Ko Moe
Mr. Yan Yu, Vice-President of the Yunnan Provincial General Chamber of Commerce, said entrepreneurs in Yunnan Province, China are making arrangements to set up a factory to produce motor vehicles in Mandalay Region.
“In Myanmar people are driving used cars. The government is also encouraging the import of left-hand drive cars. So we are working to set up a factory producing motor vehicles in Mandalay Region, especially domestic autos and mini-cars, which are popular with youths,” said Mr Yan Yu.
In doing so, necessary parts are to be imported from abroad to be assembled in Myanmar, it was learnt, targeted at producing approximately 10,000 cars per year. According to Mr Yan Yu, US$50 million will be invested for the first phase of the project. Applications for permits to assemble and produce motor vehicles has been submitted to the Myanmar Investment Commission. Upon receipt of the permit from MIC, the project will be implemented as soon as possible, officials said. The YPGCC is also interested in investing in the sectors of infrastructure construction, human resource development, agriculture and transportation, it was learnt.
Entrepreneurs in Yunnan Province have previously invested in a hydro-power plant, the mining and agricultural sectors amounting to US$10 billion in Myanmar as of June. Trade between Myanmar and Yunnan Province reached US$6.1 billion in 2016, with US$3.6 billion from exports and $2.5 billion from imports.
By Ko Moe