New economic zones in favour

March, 19, 2017

Ministry of Planning and Finance is carrying out plans for new economic zones and special economic zones as the quality of existing industrial zones is mediocre and upgrading them is difficult.

“If we look at the current economic zones and special economic zones we can see they are not doing so well because they were constructed a long time ago and not well established. It is near impossible to upgrade them now, so we think it’s better to construct new ones instead,” said Union Minister for Planning and Finance U Kyaw Win at a meeting with local and foreign business entrepreneurs at the Novotel Hotel on Saturday.

“If you think you can address this issue effectively, then please send us a proposal. Looking back on previous years, we can see it was not a very systematic development of the buildings, but rather it was appointed to those nearest in convenience. We need a good systematic plan for city development if we want good administration,” he added.
Yangon is known for being the economic capital of Myanmar and there are 29 industrial zones and over 6,200 small and medium-sized industrial businesses in the Yangon Region.

In realising these new industrial zones we will not allow one entity to monopolise it but rather give opportunities to those who are able to effectively carry out the task, said Union Minister U Kyaw Win.

“We will grant permission to both foreign and local companies that are capable of completing their projects within the allotted time. But we will not grant permission to those who take the chance for granted, you cannot succeed by borrowing other’s capital. We do not allow one entity to monopolise the business in establishing a new city, this is our basic policy,” he said.

In realising this project, the West Yangon Regional Development Company, Shwe Poppa International Construction Company, and Business Capital City Development Ltd. were selected from submitted tenders in the previous government’s administration.

The Master Plan for establishing a new Yangon City was planned in detail with guidance from the Yangon Region Chief Minister and will be carried out annually, step by step, in a systematic manner, stated Yangon Mayor U Maung Maung Soe in the 2nd Yangon Region Hluttaw Meeting.

Apart from the new city project, the regional government has appropriated construction of a port in the south of Yangon city. After completion of this project, it will place  new Yangon City in a strategic position.

Ref; The Global New Light of Myanmar