YANGON, April 6 (Xinhua) -- Myanmar's Yangon regional government is planning to expand the city by establishing a new firm, while inviting local and foreign investment in its efforts to transform the country's largest city into the next Southeast Asian economic hub.
According to the Yangon regional government, the project of the New Yangon Development Company (NYDC) on an 80-square-km plot of land on the west bank of the Yangon River includes a power plant, an industrial park and residential areas.
The expansion project will cover around 15 percent of the Yangon region and is designed to create massive job opportunities for some 2 million people.
The NYDC was launched on March 31 to invite investment to facilitate infrastructure development through public-private partnership.
With a capital of 10 billion kyats (7.53 million U.S. dollars), the NYDC will carry out the project with the first phase expected to be completed by 2020.
In the first phase, some 1,500 square km on the west side of Yangon river will be developed to build five townships, two bridges, a 26-km arterial road, a 10-sq-km industrial zone, power plant, transmission and distribution facilities as well as fresh water supply and waste water treatment plants, officials said.
The project, which cost 1.5 billion U.S. dollars, will see the development of world-class sustainable and reliable infrastructure and provide integrated, affordable housing for the community, officials said.
Under the project, infrastructure works including the upgrading of five villages to townships, two bridges, 26 km of artery roads, 10 square km of industrial estate, power plant, transmission and distributions facilities as well as fresh water supply and waste water treatment plants will be implemented.
Serge Pun, a business tycoon who heads local conglomerate Serge Pun and Associates, has been named the firm's CEO and is supported by four other board members, including former Singapore Foreign Minister George Yeo, according to NYDC.
The Yangon development project is based on recommendations from urban development plan drawn up by international and foreign entities such as the Japan International Cooperation Agency (JICA), said Yangon Region Chief Minister U Phyo Min Thein.
The project began during the tenure of the previous government but was re-assessed under the incumbent government of the National League for Democracy (NLD).
Yangon region currently has about 7.4 million population, which is projected to reach 10 million in the next 10 years.
The region accounts for 26 percent of the country's GDP in 2016 as estimated by the NYDC.
