The total foreign investment in Thilawa Special Economic Zone Project has exceeded US$1.1 billion (1.363 trillion kyat), said Myint Zaw, officer and general manager of Myanmar Japan Thilawa Development Ltd.
“We have sold out 26 per cent of Thilawa SEZ (Zone-B). The construction of Zone-A is 96 per cent completed,” he added.
Currently, 17 countries have invested in Zone-B with Japan topping the list of investors. Many countries have offered to inject their investments into Thilawa SEZ project. Some investors want to invest in labour-intensive and import-substituting industries.
From 2014-2015 until July of 2017-2018 fiscal year, the total investments in Thilawa SEZ project amounted to nearly $1.148 billion, according to the Directorate of Investment and Company Administration.
Investments in the Myanmar industrial sector amounted to $842.965 million, accounting for more than 73 per cent of the total investments. The goods trading sector reached over $101 million, the service sector over $81 million, the transport and logistics sector over $77 million, the real-estate development sector, over $30 million and the hotel sector more than $12 million.
The FDI in Thilawa SEZ project is expected to reach up to $1.7 billion with investments coming from around 150 foreign companies, said Aung Htoo, deputy minister for commerce.
Exports from Zone-A would reach about $600 million yearly, accounting for five per cent of the total foreign export volume.
Thilawa SEZ project has a total area of 2,400 hectares. Zone-A has an area of 400 hectares and Zone-B, 101 hectors.