Investors from China and Hong Kong are keen to participate in the major Yangon redevelopment project or the New Yangon City Project

Investors from China and Hong Kong are keen to participate in the New Yangon City Project, said the New Yangon Development Co (NYDC) yesterday.  

To invest New Yangon City Project, according to New Yangon Development Company (NYDC) CEO Office said on December 5.

A statement issued by the NYDC CEO’s office yesterday said Ning Jizhe, vice chair of the National Development and Reform Commission of China (NDRC) met with Yangon Regional Minister U Phyo Min Thein last month during an official visit and discussed the implementation of the New Yangon City Project. Ning reiterated China’s support for the project during the meeting.

This is significant as considerable investments will be required for the construction of the basic infrastructure of the new city, NYDC CEO Serge Pun said. Last week, a delegation from the Hong Kong Trade Development Council also visited Yangon. Among the delegation were industrialists and manufacturers who expressed an interest in invest in New Yangon City as well as migrating existing manufacturing facilities from China to Myanmar.

“Both meetings were successful and productive sessions. The feedback and the positive reaction to the project will allow us to further fine tune our plans to accommodate the influx of investments and manufacturing enterprises coming our way,” NYDC CEO Serge Pun said.

In March, NYDC, wholly owned by Yangon Region Government, announced that it intends to create economic growth, homes and jobs via the development of land to the west of Yangon River under the New Yangon City Project. The 

In May, NYDC and China Communications Construction Co Ltd (CCCC) signed a framework agreement for the preparation and submission of a detailed project proposal to provide infrastructure work related to the first phase of the development of the project.

The framework agreement called for the submission of a set of pre-project documents (PPD) which includes technical specifications, financial proposals and business models for NYDC’s review.

“The PPDs have been completed and are awaiting the approval of the relevant local authorities. Once approval is obtained we will be able to make public the PPDs and begin the bidding process for the project,” Serge Pun said

(The Myanmar Times: https://www.mmtimes.com/news/investors-keen-participate-major-yangon-redevelopment-project.html )

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