YANGON, March 2 (Xinhua) -- Myanmar is offering zone-wise tax exemption to entrepreneurs investing in a New Yangon City Project, aimed at attracting more investors to the city expansion project being implemented on lands to the west of Yangon River, according to the Myanmar Investment Commission Saturday.
Those investing in Zone-1, which is least developed, can get a seven years' tax break, while those investing in Zone-2, which is moderately developed, will have five year's, and for Zone-3, which is developed, will enjoy three-years'.
The new Yangon city project is being implemented by the New Yangon Development Company (NYDC), which is fully owned by the Yangon region government.
The NYDC was launched on March 31, 2018 to invite investment to facilitate infrastructure development through public-private partnership.
According to the Yangon regional government, the project of the NYDC is expected to create jobs for some 2 million people.
Phase-1 of the project dealing with infrastructural development and costing over 1.5 billion U.S. dollars, will cover construction of five townships, two bridges, a 26-km-long arterial road, 10 square-kilometer industrial zone , electric power generation factory and facilities, and water treatment plants.
At present, the YNDC has invited expression of interest for Phase-1 infrastructural development projects for power supply and distribution, public transport, cyber connectivity infrastructure, municipal waste disposal, natural gas supply and distribution and setting up of a convention center.
The new Yangon development project is based on recommendations from urban development plan drawn up by international and foreign entities, said the Yangon region government.
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 gross domestic product in 2016 as estimated.
