MYITKYINA- MoA to build Namjim Economic Zone in Myitkyina Township, Kachin State, will be singed after submitting it to the State Parliament, says Wai Lin, Kachin State Minister for Finance, Revenue, Planning and Economic Development.

 “ Both sides still have a lot they need to discuss for a memorandum of agreement and a joint venture agreement. As the Union Government gave the guidance on the Namjim economic zone, the state government must be implemented the project after holding a counterpart meeting. We are going to establish the economic zone if the project will bring the benefits for both sides. Surely, there are no factories which can impact on the environmental conservation. So, we would like to urge the locals and organization to participate it,” said Wai Lin.

The Kachin State government and the Yunnan Tengchong Heng Yong Investment Company (YTHIC) signed a memorandum of understanding (MOU) at the Kachin State Government’s Office on May 8th last year aiming to implement the Myitkyina Economic Development Zone (MEDZ) also known as the Namjim Industrial Zone.

The YTHIC and the Myitkyina Economic Development Zone Committee formed by the Kachin State government, are expected to build the MEDZ on  over 4,700 acres of land.

The MEDZ is expected to cost US$ 273.44 million (about 372 billion kyats). It will include nearly 500 factories and 5,000 buildings.