Korea-Myanmar Industrial Complex has issued a statement that investors can apply for land plots via Korea-Myanmar Industrial Complex (KMIC) online land reservation system beginning from January 20.
As it is the pandemic season, applications must be fully added in the online form. Officials from the KMIC will check and after examining the applications, contracts will be signed.
The KMIC project will be located in Hlegu Township and construction work will begin in December 2020 according to Minister for Construction Han Zaw.
At present, detailed drawings of designs were completed and tender and construction work will begin in December. Moreover, construction of roads, distribution of water and electricity which are the basic infrastructure will be built outside of the zone, he added.
A committee has been formed in coordination with respective ministries to give effective service to investors as well as an industrial zone which can compete with other industrial zones.
The KMIC industrial zone will be built on the 558 acres of land in Nyaung Hna Pin in Hlegu Township, Yangon Region in cooperation with Housing Development of Ministry of Construction, Myanmar and Land and Housing Corporation (LH) from Korea.The KMIC is the joint venture of the LH from Korea.
“This project will be implemented with 60 percent from Korea and 40 percent from Myanmar. Housing Development of the Ministry of Construction, Myanmar will act as a developer,” said permanent secretary of the Ministry of Investment and foreign economic relations, Aung Naing Oo.
The total investment for the industrial zone is more than 120 million dollars. It is expected to be completed in 2025.
