SCG Cement and Construction Company will join hands to develop US$1 billion worth Yangon Amata Smart and Eco City project, announced the Amata Corporation.
Surachai Pornjindachote, Country Director of SCG Cement and Construction and Yasuo Tsutsui, MD of Yangon Amata Smart and Eco City signed the joint-venture agreement on January 24 at Kempinski Hotel in Nay Pyi Taw.
Surachai Pornjindachote said they will use modernized technologies to provide an environment which can develop the construction industry and provide solutions for new town projects.
He said the company will effectively use raw materials, labour and time management to build the project.
A total of 20 per cent shares of the project are owned by Department of Urban and Housing Development (DUHD) and the rest is owned by Amata Asia (Myanmar) Limited. The department under the Ministry of Construction and Amata Asia (Myanmar) Limited signed a 50-year land lease agreement with a possible extension of another 10 years for twice in line with Myanmar Investment Law.
Amata also signed a memorandum of understanding with five supporting international strategic partners; industrial gas providers, communication and information technology, power plant and natural gas, construction aid materials suppliers and International vocational school institutes.
Han Zaw, Union Minister for Construction said the project developed on 2,000 acres of land space located near Laydauntkan Village between East and South Dagon townships will create up to 33,000 job opportunities and will attract more foreign investments as it will boost the industry, foreign export and human resources sectors of the nation, in addition to being a major source of assistance to socioeconomic development.
The minister urged Amata Corporation and the DUHD to try to transform the Yangon Amata Smart and Eco City as a modernized industrial town.
