Union Parliament approved a proposal to take a loan of US$ 61.816 million from the EXIM bank of South Korea for Korea-Myanmar Industrial Complex (KMIC) to be developed in Hlegu Township in Yangon, at the session of Union parliament on September 6.
Maung Maung Win, Deputy Minister for Planning and Finance said: “The ministry will carry out coordination and signing in accordance with procedures after the parliament has approved the proposal to take loan. In addition, the ministry will also monitor the implementation of project.”
At the session of Union parliament on September 4, Lower House Defence Services personnel representative Lt-Col Toe Lwin, suggested that the KMIC project should be developed only with the Union budget instead of oversea loans. There were 19 industrial zones in Yangon. It needed to review the situations of existing industrial zones. To encourage the inflows of foreign investments, the Union government needed effective laws, better banking system, monetary system, stable political system, linkages with international laws, skilled workers, control over skyrocketing land prices, eradication of corruption, satisfying energy demand, better transportation system, market expansion, better economic policies, simple and easy office system and better taxation system.
The KMIC project will be developed on a 558-acre land in Nyaunghnabin training schools in Hlegu Township in Yangon.
The preliminary surveys were conducted for the project from 2015 to January 2018. Myanmar government and the ROK governments signed a memorandum of understanding (MoU) on June 16, last year.
Under the MoU, Myanmar will contribute 40 per cent and the ROK, the rest for the KMIC project.