YANGON—–Construction of Korea-Myanmar Industrial Complex (KMIC) will be launched in Yangon Region tomorrow so also Yangon will be implementing the Myanmar Singapore Industrial Park, says Thaung Tun, Union Minister of Investment and Foreign Economic Relations.
“Yangon’s Thilawa Special Economic Zone is now getting success. It can bring more prosperity to the nation. So, we are going to implement other projects like the Thilawa Special Economic Zone. Firstly, we will be starting the construction of Korea-Myanmar Industrial Complex (KMIC) on December 24th. Later, we will implement the AMATA Smart and Eco City project of the Thailand and Myanmar-Singapore Industrial Park.
The KMIC project will hold 60 percent from Korea and a 40-percent stake from Myanmar. The Korea Land and Housing Corporation and Urban and Housing Development Department under the Ministry of Construction will be acting as the Developer in the construction of KMIC, according to Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations.
The KMIC is planning to finish the construction of a US$ 120 million worth international industrial zone project on a 550-acre vast plot of land on Nyaungnhapin in Hlegu Township in Yangon Region.
Once it is completed in five years time, the complex is expected to serve as a physical platform for up to 200 businesses in textile and garments, food and beverage processing, logistics, construction materials and assembly to operate.