South Korea and Myanmar signed an agreement to build an industrial zone in Nyaung Na Pin Township, northern Yangon

Governments in South Korea and Myanmar signed an agreement to build an industrial zone in Nyaung Na Pin township, north­ern Yangon.

Korea's Land & Housing Corporation (LHC) and Myanmar’s Department of Urban and Housing Development (DUHD) inked an contract to build an industrial zone on 570 acres.

“We crossed the t’s and dotted the i’s on June 16th and are waiting for further directives from the govern­ment. Advanced ground inspections and final archi­tectural planning are need­ed before construction can begin in early 2018,” U Win Naing, Deputy Direc­tor of Urban and Housing Development Department, told Myanmar Business Today.

When construction is completed the Myanmar/ Korea venture will begin leasing industrial and manufacturing space.

“The Investment Law dictates 51 percent of any venture must be owned by a Myanmar firm, with up to 49 percent owned by a foreign firm, in this case, the LHC. Under the gov­ernment to government scheme, a joint venture will be set up to run day-to-day operations and oversee further devel­opment,” U Win Naing, added.

January’s passage of the investment law and regulations permitting in­creased foreign participa­tion have encouraged the involvement of foreign firm’s in local ventures, stimulating economic de­velopment.

The DUHD estimates the project will generate 50,000 to 100,000 jobs.

(Myanmar Business Today: http://www.mmbiztoday.com/articles/korea-myanmar-sign-agreement-joint-industrial-zone )

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