11:16 | 31/10/2013 Global Economy
Japanese and Myanmar companies have agreed to build a 400 hectare industrial complex in the suburbs of Yangon city.
Three major Japanese trading firms, namely Mitsubishi Corp., Marubeni Corp., and Sumitomo Corp will hold a 49 percent stake in the joint venture, while the remaining 51 percent will be contributed by the Myanmar government and local private companies.
The Japanese- Myanmar joint venture project worth of 100 million USD will help build infrastructure, and sewage treatment for the industrial complex which is located within the Thilawa Special Economic Zone (SEZ). The industrial complex is expected to attract foreign investors working in the field of manufacturing industry.
“The development of Thilawa SEZ will help foreign investors expand their production activities in Myanmar ,” said Japanese Economy, Trade and Industry Minister Toshimitsu Motegi at a ceremony to mark the joint venture’s establishment.
He stressed that his government will do its utmost to support this project, which is expected to put into operation in 2015.
Meanwhile, Myanmar Finance Minister Win Shein said he believes that the economic zone will create a huge job opportunities and provide high technologies for local people and help obtain its national economic goals.
As the SEZ is 2,400 hectares in total, the Japan International Cooperation Agency (JICA) is conducting a feasibility study on how the two countries can develop the remaining 2,000-hectare area./.