More than 130 Korean firms to invest in Korean-Myanmar Industrial Complex

U Thaung Tun, Minister for Investment and Foreign Economic Relations (middle) speaks at the KMIC breaking ceremony on December 24. Photo: Ko Aung Htay Hlaing

 

A total of 135 Korean firms will invest in the Korea-Myanmar Industrial Complex (KMIC) located in Hlegu township of Yangon Region, said U Thaung Tun, Minister for Investment and Foreign Economic Relations.  

The companies will invest a total of US$48.5 million to construct quality infrastructure at the industrial zone to promote production.

"The KMIC project will create many opportunities for micro, small and medium enterprises including local businesses, restaurants and industries," said State Counsellor Daw Aung San Suu Kyi.

Korea is the eighth-largest trading partner of Myanmar and has invested about US$4 billion in 187 businesses until the end of November, according to government data.

Myanmar needs foreign investors like KMIC to boost production and industry. The government must also establish sound infrastructure to receive good investments, said U Thaung Tun. 

Phase 1 activities of the KMIC project started on December 24. 

The project will be jointly implemented by the Ministry of Construction and Korean State-owned Korea Land and Housing Corporation on 558 acres of land in Nyaung-nhit-pin training school, Hlegu. 

The land rental rate is about US$69-US$75 for one square meter and investors may start applying on January 21, 2021. - Translated 

 

News Source : Myanmar Times