The parliaments of the Yangon Regional Hluttaw finally approved both Htantabin and Hlegu industrial park projects

Members of Parliament (MPs) for the regional Hluttaw of Yangon has finally given the green light for the Htantabin and Hlegu industrial park projects to the north of Yangon city.

The MPs approved both projects after Minister of Karen National Affairs Naw Pang Thinzar Myo, who is also the chair of the Yangon Region Investment Committee (YRIC), gave more details on the projects, including their backers.

The Hluttaw approved both projects, part of the 11 new industrial parks proposed in 11 mostly rural townships as announced at the Yangon Investment Forum, on July 12.The projects, according to YRIC secretary U Myo Khaing Oo, are expected to start early next year.

“The minister explained the background to the projects thoroughly to the MPs, saying that the projects have investors,” Mayangone township regional MP U Yan Shin said.

Htantabin township regional MP U Aung Bone Kyaw San Oo said the more than 100 farmers affected by the Htantabin project has agreed to the project after a series of meeting were held with them by the regional government.

Yangon Region has 29 existing industrial parks owned by the private sector and mostly located in and around the city. These zones have mostly been taken up by factories and investors often find it difficult to find land on which they can build or expand their operations.

U Myo Khaing Oo pointed out that high rental prices and the reluctance of land owners to rent out for long term has been an obstacle to attracting investors.

A memorandum of agreement has been signed between the regional government and Yangon Htantabin Technology Company, which comprises of investors from China, Hong Kong and Myanmr, for the 1,000-acre Htantabin industrial park that will need an investment of US$500 million. Negotiations were still under way with investors for the Hlegu industrial park, which is understood to include a consortium formed between Pahtama Group Co. Ltd and a Singaporean firm.

According to details from the Htantabin project, infrastructure such as electricity and water will be included while factories and hotels will also be built, with the entire project to be completed over four phases by 2025 and create 150,000 jobs. Two new ports will also be constructed to facilitate goods transportation to Yangon.

The regional government has prioritized these projects, which have been placed under the Yangon Project Bank, an initiative that groups together all the projects under the Yangon Region.

U Myo Khaing Oosaid submissions and comments will be needed from the relevant agencies before the projects can start.

Yangon Region attracts the most investment from foreign investors, who have poured in US$9.6 billion between 2015 and 2019 mostly in manufacturing, real estate, transportation and communications. – Translated

(The Myanmar Times: https://www.mmtimes.com/news/authorities-approve-htantabin-hlegu-projects.html )

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