Wednesday, October 3, 2012

Four more special industrial zones set for Burma

Wednesday, 03 October 2012 13:21 Mizzima News    

Burma plans to set up seven more local industrial zones in addition to the existing 18 in the country, official state-run media said on Wednesday.

Officials inspect a location at a future Industrial Zone in Hpa-An, Kayin State.

The seven planned new industrial zones will be located in Tatkon in Naypyitaw, Yadanarbon in Mandalay, Hpa-an, Myawaddy and Phayathonzu in Kayin state, Ponnagyun in Rakhine State and Namoum in Shan state, the Ministry of Industry announced in the New Light of Myanmar.

The expansion will bring the number of such zones to 25 in the country, the report said, adding that the new industrial zones will be able to generate many jobs for local residents.

Burma also has several special economic zone (SEZ) projects such as Thilawa in Yangon's Thilawa Port, Dawei in southern Taninthayi region and Kyaukphyu in western Rakhine State.

Agreement to establish the Thilawa SEZ project was reached in September when three Japanese industrial and economic groups agreed to establish the zones in cooperation with the government.

Under the agreement, Japan's Mitsuibishi Corporation, Marubeni Corporation and Sumitomo Corporation will obtain a 49 per cent share to run the 2,400-hectare Thilawa SEZ, and Burmese entrepreneurs in the form of a public company will hold a 56 percent share, the Myanmar Federation of Chambers of Commerce and Industry was quoted as saying.

The government also invited other foreign investors such as South Korea, China, Singapore, Thailand and Malaysia to engage in the Thilawa SEZ project.

The government is working to establish Myawaddy and Hpa-an industrial zones with the cooperation of neighboring Thailand

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