A total of 108 companies from 18 countries have hired lands for the construction of factories in Thilawa Special Economic Zone. A total of 72 factories have started conducting commercial operations with the total investment of over 1.61 billion US dollars, said Win Aung, President of Myanmar Thilawa Special Economic Zone Holdings Public Co., Ltd (MTSH).
With an increase in the number of factories, there will be high demand for water and electricity, he added.
Toyota has established Toyota Myanmar Co., Ltd with a total investment of 52.6 million US dollars. As from it’s the commercial operation in 2021, the company will manufacture 2,500 Toyota Hilux cars a year.
The economic link can be created by attracting the companies which produce auto parts needed for the production of Toyota cars.
According to the Special Economic Zone Law, from October 1 to mid-September of 2018-2019 FY, the total foreign investments in the Thilawa SEZ project, including investment promotion, reached over 362 million US dollars, according to the Myanmar Investment Commission.
The zone is in need of international jetties and logistics services for more extensive operations of factories, he continued.
According to the annual report of the MTSH for 2018-2019 FY, the MTSH is conducting a preliminary survey to become a multi-modal logistic hub.
On December 14, 2018, Thilawa Multi-purpose International Terminal (TMIT) built with the ODA loan of Japan, was put into service.
There are three special economic zones. Thilawa SEZ sees regular progress and has a lot of business opportunities as it is sitting on the strategic location. The 108 companies from 19 countries have invested in the SEZ, said Dr. Than Myint, Union Minister for Commerce and Chair of the Myanmar Special Economic Zone Central Working Committee.
