Myanmar and South Korea have signed a memorandum of understanding on the preliminary survey of the Dala New City Project and an MoU on financial cooperation in the real estate sector, according to the Korea-Myanmar business forum held at the Lotte Hotel in Yangon on September 4.  

"As we launch Korea-Myanmar Industrial Complex (KMIC) and Dala Friendship Bridge projects, it is also heartening to see the preliminary survey of the Dala New City Project," said Union Minister for Construction Han Zaw. 

The MoU on the preliminary survey of the Dala New City Project was signed between the Yangon Region government and Korea Land and Housing Corporation. Moreover, the Yangon government and KB Kookmin Bank signed the MoU on financial cooperation in real estate sector. 

"By signing these MoUs, the living standard of Yangon residents will improve while there will be other benefits for low-income people who really need housing and housing finance improvement," said the minister. 

President of the Republic of Korea Moon Jae-in vowed to help develop Dala Township like the other bank of Seoul. 

He said that Korea would also help build an industrial zone by Yangon-Mandalay Expressway in Hlegu Township, adding that his government as well as Korean entrepreneurs are willing to help develop Dala Township. 

Yangon Region MP Tun Yin for Dala Township Constituency No (1) said: "For the project we have three phases. The first phase has finished. We have to continue demarcation lines and survey. I think we will be able to implement the project for the next two or three years. After parliament has approved it, we have to start it." 

The Dala New City Project will include industrial zones, garment factories, and high-rise buildings.