Trespassing banned in Korea-Myanmar Industrial Complex Project area in Hlegu
PUBLISHEDÂ 19 NOVEMBER 2019
The Ministry of Construction has issued a warning that bans any fencing, home building or trespassing in the 555-acre Korea-Myanmar Industrial Complex Project area in Hlegu Township, Yangon Region.
Myanmar owns 40 percent and Korea 60 percent in the project that will start in 2019 with an investment of US$120 million. The construction period will be about three years, according to the Ministry of Investment and Foreign Economic Relations.
“In this project, Korea will possess 60 percent shares and Myanmar 40 percent. It will be jointly implemented by Korea Land and Housing Corporation and the Urban and Housing Development Department under the Ministry of Construction, said Aung Naing Oo, permanent secretary of the Ministry of Investment and Foreign Economic Relations.
An official from Myanmar Investment Commission said KMIC Development Co Ltd established by both sides would complete the construction of the industrial complex by 2025.
Both sides signed a joint-venture agreement on August 7, 2019.
Korean President Moon Jae-in said during the agreement signing ceremony that an industrial complex would be built in Yangon, the commercial capital of Myanmar, for textile, garment, construction and communications.
Myanmar is the hub that connects 3.4 billion consumers from China, India and ASEAN countries. It has a population of 53 million, half of whom are under 30, he added.