Golden Myanmar Investment Consortium, which was formed by investors from China, Hong Kong and Myanmar to develop industrial zones, is planning to set up a new zone in Htantabin township, Yangon, the Yangon Region government and Yangon Region Investment Committee have announced.

The creation of the industrial zone is expected to require investments totaling US$500 million and is projected to create 100,000 jobs

The industrial zone is expected to cover 404 hectares located about an hour and a half by car to the northwest of Yangon.

The development comes after Yangon Region invited investors to implement11 international-standard industrial zones in 11 townships during the Yangon Investment Forum 2018.

There are 45 townships in Yangon Region, with 33 falling under the authority of the Yangon City Development Committee and the remaining 12 under the Yangon Region Development Committee, and the regional government has stated that it wishes to balance development in rural and urban areas. The creation of industrial areas in more rural areas will help create more job opportunities in those areas while at the same time helping to reduce population and traffic density in urban areas.

The Htantabin industrial zone is the first among the 11 planned industrial zones proposed,m said U Myo Khaing Oo, the secretary of the Yangon Region Investment Committee.

The Yangon government and Golden Myanmar Investment Consortium are expected to sign an agreement on the Htantabin project during this year’s Yangon Investment Forum, set to take place on May 10 and 11.

The forum will be held in Yangon and is expected to focus on the garment, hotel and tourism, digital economy, real estate and industrial development sectors.

Source From：The Myanmar Times

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