Approval given for South Korean industrial complex in Myanmar

From left: Thura Thet Oo Maung, Myanmar Ambassador to South Korea, LH president (BusinessKorea)

NAYPYIDAW, Mar 1, 2019, Myanmar Times. The Myanmar Investment Commission (MIC) has approved the setting up of a South Korean – Myanmar Industrial Complex (KMIC), reported the Myanmar Times.

During a meeting on February 20, the MIC gave its go-ahead for the complex to be established as a joint venture.

The development and operations of the first phase of the complex, which will be run by the Korea – Myanmar Industrial Complex Development Co Ltd, will be on land in Hlegu Township, Yangon Region. Phase one of the project is expected to utilise 127 hectares out of 224 hectares allocated for the complex.

KMIC will run as a 60/40 partnership between South Korea’s Land and Housing Cooperation and Myanmar’s Department of Urban Housing and Development under the Ministry of Construction.

US$110 million has been allocated for the project which is expected to take five years to complete.

The Ministry of Construction had said in May 2018 that the project is projected to create between 50,000 and 100,000 jobs when it is completed.

Plans for the complex call for areas dedicated to small, medium and large enterprises, employee housing, a training school, park, and business-related services.

The complex is important as many South Korean manufacturing companies are now interested to expand in Myanmar, Kim Young-sun, Secretary General of the ASEAN-Korea Centre, said in 2018.

Besides the complex, South Korea is contributing to the building of the Korea – Myanmar Friendship Bridge project in Dala Township.

Share it

Exclusive: Beyond the Covid-19 world's coverage