Korean Industrial Complex will submit its proposal to MIC and Union Government after signing an agreement with Mon State Government Committee to rent the land plot at the Sittaung Paper Mill in Kyaikhto Township in Mon State

MAWLAMYAING-A Korean firm had agreed with the Mon State Government Committee to rent a plot at the Sittaung Paper Mill in Kyaikhto Township, Mon State.

The firm will be submitting its proposal to the Myanmar Investment Commission (MIC) and the Union Government later on.

“Mon State Government Committee agreed with Korea Industrial Complex - KIC about land rent. We are going to submit the proposal on land rent to the MIC as well as the Union Government separately. Now, it is at the beginning stage. They [KIC] told us it would become a mega industrial project which can compete even with Yangon. Plans are underway to prepare the land plot on the industrial zone project site which will include garment, rubber and automobile industries. Later on, they will also offer other entrepreneurs looking to invest in the zone. They had also observed Bago region but are likely to invest in Thein Zayat village, Kyaikhto Township, Mon State. If there will be any sizble vacant land, we are going to implement the industrial zones. Investors are especially, very important. If he or she will invest in our region, the industrial zone will be established. The industrial zone may be small or large as it will depend on the initial host of investors and their amount of investment. It is still just in a signing stage to rent the land plot. The MIC is likely to allow the proposal if the state government committee agrees to it and the proposal can pass this year. The project period will be two or three years long,” said Wunna Kyaw, Minister of Mon State Planning, Finance, Immigration and Population.

The KIC reported on August 21st its proposal on implementation of industrial zone at the site of Sittaung Paper Mill in Thein Zayat village, Kyaikhto Township to the MIC. 

Later, KIC signed agreement for land rent with the Mon State government. The land is around 1,000 acres large.

The Sittaung Paper and Pulp Mill started running in 1961 under the supervision of Chinese experts. Later, the ownership was transferred to Shwe Than Lwin Highway Company in 2011.  

However, the mill had been handed over to the Mon State Government Committee in November last year.

(Eleven Media Group: http://elevenmyanmar.com/business/14797 )

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