Ministry of Construction, Korea Land and Housing Corporation and Global Sar-A Co Ltd is setting up a joint venture company to develop an industrial zone in Hlegu Township, Yangon

Myanmar’s Ministry of Construction, Korea Land and Housing Corporation and Global Sae-A Co Ltd is setting up a joint venture company to develop an industrial zone in Hlegu township north of Yangon.

An agreement was signed on August 7 for the industrial zone, to be known as the Korea Myanmar Industrial Complex (KMIC), which would be built on 555 acres of land belonging to NyaungHna Pin training school.

Minister of Construction U Han Zaw said the KMIC would not only create between 50,000 and 100,000 jobs but also enhance the country’s manufacturing base, exports, training of talent and support socio-economic development.

He said Myanmar will construct the basic infrastructure such as roads and utilities with a loan from South Korea’s Economic Development Cooperation Fund. The total investment amount for the KMIC was not disclosed.

Meanwhile Korea Land and Housing chief executive officer Byun Chang Heum said the joint venture marks a milestone in economic cooperation between Myanmar and South Korea while his Global Sae-A counterpart, Kim Ki Myun, said the industrial zone will have a positive spillover effect for the surrounding areas.

Department of Urban and Housing Development director general U Min Htein said the joint venture could be the first of other joint ventures for urban development in the country. – Translated

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-and-south-korea-jointly-develop-industrial-zone-yangon-township.html )

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