Amata Corporation Public Joint Stock Company, which is Thailand's leading operator of territories for the creation of industrial zones, will develop a megatechopark in the vicinity of Yangon in anticipation of major Japanese investments.
On Friday, January 24, a Thai firm and the Myanmar Ministry of Construction signed an agreement to create a joint venture in Naypyidaw with the goal of implementing a project worth $ 1 billion, including the development of related infrastructure, which involves attracting manufacturers and stimulating the underdeveloped industrial sector of Myanmar's developing economy.
At the initial stage, the JV “Yangon Amata Smart and Eco City Limited” (“YaASEC”) will contract for earthworks on a 80-hectare site with a total area of 800 hectares already in the month of March. He plans to complete the first phase of the project in 5 years.
The industrial park construction site is located northeast of the commercial capital of the country - Yangon, about an hour's drive from Yangon International Airport and the Tilava Free Economic Zone, which is being created as part of a public-private partnership between Japan and Myanmar.
The Thai state-owned oil company PTT will build a 600,000 kW gas-fired power plant to provide electricity to both the industrial complex and the surrounding area.
It is assumed that some of the factories of the YaASEC technopark will begin work in 2021.
“Despite ongoing disagreements on trade between the US and China, more than 20 firms have already tried to inquire about the project, expressing a desire to enter the technology park as soon as possible,” said Yasuo Tsutsui, managing director of the joint venture Yangon Amata Smart and Eco City Limited. "
Amata Corporation operates five industrial parks in Thailand and Vietnam with approximately 1,300 tenants, 700 of which are Japanese companies.
The president of the Thai operator company, Vikrom Kromadit, said that his company intends to attract many Japanese enterprises to the project. “In addition, when creating the mega-technology park, it is planned to introduce more advanced environmental technologies for reservoir drainage, waste management and low-carbon emissions than those used in Thailand,” he added.
Amara Corporation owns 80% of the joint venture, and the Department of Urban and Housing under the Myanmar Ministry of Construction owns the remaining 20% of the securities, as it provides land as an investment in the joint venture.
According to the Government of Myanmar, at the first stage, 3.75 billion USD of foreign direct investment from producers has already been attracted and at least 33,000 jobs have been created. How to write an essay? Best write essay service . High school vs college essay!