KMIC Development Co. Ltd, a joint venture between the Myanmar government and state-owned Korea Land and Housing Corporation (LH), will recommence development of the Korea – Myanmar Industrial Complex (KMIC) despite COVID – 19.
“Under the COVID-19 situation, we are struggling to speed up the development of the KMIC project and plan to restart construction this December,” Kim Gunwoo, General Manager of the LH Myanmar Representative Office, said.
On October 26, U Thant Sin Lwin, Director General of the Directorate of Investment and Company Administration (DICA) held a video conference with Lee Jung Wook, Managing Director of KMIC Development Limited Company to discuss a concrete implementation plan for the industrial complex project amid the pandemic.
Mr Lee requested DICA’s support in permitting Korean engineers to enter Myanmar so that construction of the complex could resume by December.
KMIC invited tenders for the first phase of construction of the KMIC this month. Despite the pandemic, KMIC plans to select suitable contractors within two months from the bid announcement date, Mr Kim said.
Construction of the first phase involves development of 315 acres out of the 556 acres required for KMIC. Capital investments worth US$27 million are expected. When complete in 2022, the KMIC, which will comprise a US$110 million industrial park with modern infrastructure, is expected to draw more private sector investment and improve the manufacturing capacity of Myanmar. There will be space for up to 200 businesses in textiles and garments, food and beverage processing, logistics, construction materials and assembly to operate.
KMIC plans to start the sales and marketing process next year. Prices will be set after investigating market conditions and prices of nearby industrial zones.
The KMIC is one of the two major projects between Myanmar and Korea. The second project is the Dala Bridge, which recently halted construction after several workers tested positive for COVID-19.
The bridge, also known as the Myanmar-South Korea Friendship Bridge, is expected to cost US$168 million to build. Construction of the bridge, which will connect Dala township across the Yangon River with Yangon, began in May 2019 and is expected to be completed in 39 months.
When complete, the four-lane, cable-stayed bridge will be 4.3 kilometres long and 27 metres wide.
ref: Myanmar Times