Korea backed industrial complex will be built on 550 acres in Hlegu Township, Yangon, and will be partially finished in 2019

A Korea backed industrial complex will be built on 550 acres in Hlegu Township, Yangon. The construction of the complex will start this year and is expected to be partially finished in 2019, according to the Department of Urban and Housings Development under the Ministry of Construction.

‘‘We have signed the agreement for the project on June 16, 2017. Now we are working on the designs, conducting soil experiments and developing infrastructure such as water, electricity and roads. We will finish a portion by 2019,’’ U Win Naing, Deputy Director of the Department of Urban and Housings Development, told Myanmar Business Today.

The project will be jointly implemented by Korea Land and Housing Corporation and Myanmar Government with the profit share of 60-40.

Korea Land and Housing Corporation will invest $100 million for construction training centers for the employees at the project, there will be buildings for the accommodation of the employees, and commercial buildings.

These type of collaborations can help in the development of the country, they will result in new factories which will bring in advanced technologies as well as generate more revenue for the country.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/korea-backed-industrial-complex-yangon-set-2019 )

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