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NEWS-Myanmar Attracts Foreign Inves
NOTE: Is anyone doing anything about Mitsui ?
Myanmar Attracts Foreign Investment to Industry Park
Xinhua
29-JUN-98
YANGON (June 30) XINHUA - Myanmar has been
carrying out an extensive marketing drive to attract
foreign investments to its first foreign-invested
industrial zone, the Mingaladon Industrial Park, to
obtain technology for tapping the country's rich
natural resources.
The 89-hectare industrial park in Yangon, whose
infrastructure facilities were established by the
Mitsui Co. Ltd. of Japan under a joint venture
contract with the state-run Myanmar Department of
Human Settlement and Housing Development, has
drawn investors from Japan, South Korea,
Singapore and China's Hong Kong Special
Administrative Region.
According to official sources, these investors have
taken 15 percent of the total industrial land available
for long-term lease for at least 50 years.
Following the completion of the construction of the
industrial park (phase one) in two years' time since
March 1996, detailed design and feasibility study
for phase-two development are under way.
It is expected that when all phases of the project
are completed, investment from not only Japan but
also the Southeast Asian region and other parts of
the world would be obtained to set up enterprises
there, according to a Myanmar official.
The 20-million-dollar Mingaladon Industrial Park
project, located in the north of Yangon, is one of the
five planned industrial zones in the capital. Three of
them are foreign-invested and the Mingaladon is the
forerunner. The other two are being developed
mainly by Singaporean, Malaysian and Thai
companies.
Altogether 17 industrial zones have been
established in Myanmar including those in Yangon,
Mandalay, Bago, Hinthada, Myaungmya, Myeik,
Yenangyaung, Pyay, Mingyan and Meiktila.
According to official statistics, foreign investment in
the industrial sector (processing and manufacturing)
amounted to 1.43 billion U.S. dollars in 113 projects
by March, the end of the 1997-98 fiscal year,
ranking second after oil and gas out of a total
foreign investment of 7 billion dollars.
The sector also stood as the second largest
contributor to Myanmar's gross domestic product
after agriculture, sharing 9.2 percent of the GDP in
the 1997-98 fiscal year, a 4.6-percent growth.