Japanese and Myanmar companies have agreed to build a 400 hectare industrial complex in the suburbs of Yangon city.
Three major Japanese trading firms, namely Mitsubishi Corp., Marubeni
Corp., and Sumitomo Corp will hold a 49 percent stake in the joint
venture, while the remaining 51 percent will be contributed by the
Myanmar government and local private companies.
The Japanese- Myanmar joint venture project worth of 100 million USD
will help build infrastructure, and sewage treatment for the industrial
complex which is located within the Thilawa Special Economic Zone (SEZ).
The industrial complex is expected to attract foreign investors working
in the field of manufacturing industry.
“The
development of Thilawa SEZ will help foreign investors expand their
production activities in Myanmar ,” said Japanese Economy, Trade and
Industry Minister Toshimitsu Motegi at a ceremony to mark the joint
venture’s establishment.
He stressed that his
government will do its utmost to support this project, which is expected
to put into operation in 2015.
Meanwhile, Myanmar
Finance Minister Win Shein said he believes that the economic zone will
create a huge job opportunities and provide high technologies for local
people and help obtain its national economic goals.
As the SEZ is 2,400 hectares in total, the Japan International
Cooperation Agency (JICA) is conducting a feasibility study on how the
two countries can develop the remaining 2,000-hectare area.-VNA