Work Begins on Myanmar-Korean Industrial Complex Projects
By
–
November 27, 2019
Zin Thu Tun/Myanmar Business Today
Construction work has started on two industrial complexes jointly developed by Myanmar and South Korea.
“Construction for the projects in Yangon Region and Bago Region will take three years,†said U Thant Sin Lwin, deputy director general of the Directorate of Investment and Company Administration (DICA).
The $120 million Korea-Myanmar Industrial Complex (KMIC), located on 550 acres of land in Hlegu Township, Yangon Region, is a 60-40 joint venture between Korea Land and Housing Corporation and Myanmar’s Ministry of Construction. Korea’s Economic Development Cooperation Fund (EDCF) will provide a $60 million loan for the project.
The other, $28 million project on 203.6 acre of land in Nyaung In Village, Bago Region is being developed by Tae Kaung Myanmar Development. The company and the Supervisory Committee for Establishing Factories of Bago Region signed a land lease agreement on November 15.
The two industrial complexes will include garment, textile construction, telecommunications and other manufacturing factories.
Korea is the sixth largest foreign investor in Myanmar, with 177 investments worth a total of $3.9 billion. During South Korean President Moon Jae-in’s state visit to Myanmar in early September, the two governments signed a package of agreements covering economic development cooperation through 2022.