YANGON, June 24 (Xinhua) -- Myanmar's Yangon regional government has formed a new firm to draw up a roadmap to undertake expansion of the financial center to make it a business-friendly and livable city.
The first and second phases of the huge project of the New Yangon City Development Company (NYCDC), which is fully owned by the regional government, covers more than 20,000 acres (8,100 hectares), according to NYCDC officials.
The southwest new town project, which is part of the new urban development project, is being planned on the west of the Yangon River and south of the Panhlaing River to the river mouth.
The project covers around 15 percent of the Yangon region and is designed to create massive job opportunities for some 2 million people.
The NYCDC was launched recently to invite local and foreign investment to facilitate infrastructure development through public-private partnership.
With a capital of 10 billion kyats (7.53 million U.S. dollars), the NYCDC 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 towns, 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, adding that the project, which costs 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.
Under the master plan, infrastructure projects including the upgrading of five villages to towns, two bridges, artery roads, 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 NYCDC.
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 .
Myanmar has mapped out new urban development projects of Yangon region inviting local and foreign entrepreneurs to invest in the master plan.
The Yangon Region Investment Committee outlined that sub-centers, new towns, railway stations and industrial zones will be established as part of the new urban development plan.
Of them, the new town projects are planned for Thilawa New Town, Dagon East New Town and Dala New Town in addition to the Southwest New Town.
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 Myanmar's GDP in 2016 as estimated by the NYCDC.
