Korea Offers To Set Up Industrial Zone In Nyaung Na Pin

Korea offered to establish an industrial zone in cooperation with the Department of Urban and Housing Development to to draw further foreign direct investments into Myanmar, said U Aung Naing Oo, Director-General of the Directorate of Investment and Companies Administration.

“They have not yet asked permission from the Investment Commission. Myanmar-Korea industrial zone will be set up to mainly operate and invest Korean businesses in Myanmar,” he said.
Establishing industrial zones is an important priority to draw further investment into the country. Therefore, the Myanmar Investment Commission will issue the permit as soon as possible, U Aung Naing Oo said.

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Thilawa Special Economic Zone is led by Japan and other industrial zones must be operated by the private entrepreneurs. Therefore, the appropriate private entrepreneurs are going to be invited to run further industrial zones, according to the Directorate of Investment and Company Administration.

During two years of the current government’s office time, there are land problems due to lack of industrial land confiscation and lack of land-related policies, said a responsible official of Myanmar Industries Association.

“All the industrial zones cannot draw investment. The key point is the cost. If the cost is cheap, more investment can be accessed. But, in Myanmar, it costs more than MMK 10 billion to set up an industry. So, it is not easy to draw further investments,’ he explained.

Nationwide, there are 19 units of large-scale industrial zones and 3 units of special economic zones, according to the Ministry of Industry.

Credit: The Voice
Translated by: iMyanmarHouse.com