Myanmar's Yangon investment forum produces MoUs for 19 projects

Source: Xinhua| 2019-05-12 11:56:45|Editor: Xiang Bo
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YANGON, May 12 (Xinhua) -- Myanmar's Yangon region government and some private companies have signed a number of memorandums of understanding (MoUs) to undertake 19 projects at the two-day Myanmar's Yangon Investment Forum which ended on Saturday.

However, the details of the projects are yet to be disclosed.

"Many companies from the private sector signed MoUs. The regional government has formulated plans to develop the 11 townships outside the Yangon City municipal area. So, we have succeeded in encouraging private companies, both local and foreign, to become interested in investments," said Yangon Region Chief Minister U Phyo Min Thein, who witnessed the signing.

Significantly, companies from China will be engaged in the establishment of the first technology company on a 740-hectare plot in Htantabin township, known as Yangon Htantabin Technology Park Project where garment factories, shoe factories and other technological industries will be set up.

Located northwest of Yangon, the industrial park will also include housing estates, commercial buildings and recreation areas.

The companies will also construct a 200-meter-long friendship bridge in the west of Htantabin to connect Bago region.

Designed to create 150,000 job opportunities, the industrial park project, which will be carried out in four phases, is expected to become a hallmark of Yangon mega city by 2030.

The Yangon Investment Forum 2019, which was the second of its kind, was organized by the Yangon Region government and the Yangon Region Investment Committee.

Since the formation of the Yangon Region Investment Committee in July 2017, the authorities have permitted a total of 161 foreign direct investment projects worth 294 million U.S. dollars, covering sectors of industry, hotels, livestock, fisheries and service.

The authorities also granted domestic investors to run 30 projects with a total capital of more than 65 billion kyats (43.3 million U.S. dollars), creating 96,725 jobs.