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Roundup: Opening of Myanmar's first special economic zone marks new chapter of investment

Xinhua, September 24, 2015 Adjust font size:

The first phase of Zone-A of Myanmar's Thilawa Special Economic Zone (SEZ) in southeastern Yangon was put into operation on Wednesday, signifying the opening of a new chapter of investment in the country.

Located 25 kilometers southeast of Yangon, the 400-hectare Zone- A, which becomes Myanmar's first operational SEZ, is being implemented in two phases.

The Phase-1 takes up 211 hectares, while the Phase-2 184 hectares which is expected to be completed by mid-2016.

The Zone-A employs 1,936 workers, mostly Myanmar citizens.

A memorandum of understanding on the development of the Zone-B project which covers an area of 500 to 700 hectares has been signed.

Currently, The SEZ has investors from 47 companies of 13 countries including the United States, Sweden, Japan, China, South Korea, Australia and other Southeast Asian countries.

The Thilawa SEZ, covering an overall area of 2,400 hectares, is expected to create some 40,000 job opportunities when it is completed by 2017.

Myanmar's Vice President U Nyan Tun said the project is open to all investors in the world, believing that the investors will become a model of corporate social responsibility in Myanmar.

The Thilawa SEZ has been operated by Myanmar-Japan Thilawa Development Company, a joint venture between Japan and Myanmar, since November 2013, formed by two Myanmar companies and two Japanese companies sharing under a ratio of 51 to 49.

The Japan-funded 1.5 billion U.S. dollars SEZ project is a manufacturing complex designed to lure investment and help the country compete in the global marketplace.

The SEZ project has offered 20 sectors of economic activities for local and foreign investors for implementation.

The project was initiated by Myanmar President U Thein Sein and Japanese Prime Minister Shinzo Abe when they met at the Mekong- Japan Summit in Tokyo in April 2012.

The project stands part of the economic cooperation between Japan and Myanmar.

According to official statistics, Japan's investment in Myanmar amounted to 555.4 million U.S. dollars in 75 projects as of August 2015 since the country opened to foreign investment in late 1988, standing the 11th in Myanmar's foreign investors line-up. Endi