A consortium of Hong Kong, Taiwan, and Myanmar companies will sign a US$500-million investment project at the Yangon Investment Forum 2019 on 10 May.
The project is part of the 1,000-acre industrial zone in Htantabin Township.
The Htantabin Industrial Zone will be implemented in two steps, and is expected to create about 150,000 jobs, said Yangon Region’s Minister for Kayin Ethnic Affairs, Naw Pan Thinzar Myo, at a press conference about the Yangon Investment Forum at the Co-operative Business Centre in Yangon.
“We are holding discussions with other investors who are interested in doing business in other industrial zones,” said the minister.
About 70 per cent of the investment in the country is concentrated in the Yangon Region, of which, Myanmar nationals account for 25 per cent.
Forty-nine domestic investors and 163 foreign investors have entered the region so far in the 2018-2019 Financial Year. China tops the list of foreign investors, followed by Hong Kong and the Republic of Korea.
“We are expecting to see more investments in the 2018-2019FY than in previous years. Investments have mostly flown into small and medium enterprises in this fiscal year,” said U Myo Khaing Oo, the director of Yangon Region’s Directorate of Investment and Company Administration.
There are 29 industrial zones in Yangon. The Thilawa Special Economic Zone is also located in the region.—Min Thit
(Translated by GNLM)