Myanmar authorities warned that undeveloped land in industrial zones in Yangon Region could be confiscated

Myanmar authorities have warned that undeveloped land plots in industrial zones in Yangon region could be confiscated, saying that unless concrete reasons are provided, the industrial business would be revoked, Xinhua reported.

According to the Yangon City Development Committee Wednesday, there are 29 industrial zones in Yangon region and about 60 percent of the plots are being utilized, while the rest remain undeveloped with only warehouses and fencing built.

Under the Industrial Zone Bill amended by the parliament early this month, businessmen, who hold plots in industrial zones and leave them unused, are to seek approval from the authority by forwarding their plans within six months and if they fail to complete the project within two years, the plots will be seized by the respective industrial zone committee but 50 percent of the land's value will be reimbursed to them.

(Mizzima: http://www.mizzima.com/article/undeveloped-land-industrial-zones-could-be-confiscated )

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