YANGON, May 31 (Bernama) -- Myanmar has been striving to implement three
special economic zone (SEZ) and deep sea port projects sine the new
civilian government took office in March 2011, as part of its efforts to
create jobs and boost economic development, reports China's Xinhua news
agency.
"Implementation of the Thilawa SEZ is in the pipeline as the project
has seen investment from Japan," President U Thein Sein told a meeting
of the Central Committee for Myanmar SEZ on Thursday.
The other two SEZ and deep sea port projects are namely Dawei and Kyaukpyu.
Hitherto, a number of Japanese companies have showed interest in
investing to build infrastructure and establish factories in both
Thilawa and Dawei SEZs. Among them are Mitsubishi Corporation, Marubeni
Corporation and Sumitomo Corporation, Oshimaya Co., ASMO Co. Ltd., JFE
Engineering Corp. and METACC Manufacturing Ltd.
The Thilawa SEZ project, which comprises high-tech industry, textile,
labor-intensive industry and manufacturing industry, will be jointly
developed by Myanmar and Japan with Myanmar holding 51 percent stake and
Japan with 49 percent, an official of Thilawa SEZ Management Committee
said.
Covering an area of over 2,000 hectares, the project is located between
Thanlyin and Kyauktan townships in Yangon region, which adjoins the
Dawei SEZ in southern Taninthayi region.
Though started as early as in the previous military government, the
Thilawa and Dawei SEZ and deep seaport projects failed to be implemented
due to fund shortage, U Thein Sein disclosed.
Myanmar and Thailand signed a memorandum of understanding on Dawei SEZ
and deep sea port project in 2008, while the Myanmar Port Authority and
Italian-Thai Company also inked a framework agreement in 2010 to
implement the project.
The government has also negotiated to invite investment from Japanese
companies, and it is expected that investment from them would flow in
very soon.
Encouraged by Thailand, U Thein Sein discussed the project with
Japanese Prime Minister Shinzo Abe during the latter's recent visit to
Myanmar.
The Myanmar president stressed that Myanmar and Thailand must be committed to the success of Dawei SEZ and related projects.
Myanmar and Thailand have formed a joint committee in November 2012 to
speed up the comprehensive development of the Dawei SEZ and related
projects, inviting capable international investors to engage in the
project.
Thailand, on its part, is committed to building roads, deep seaport,
industrial zone, power plant, water supply and water treatment system,
communication and high-speed train in the Dawei SEZ, according to a
Myanmar-Thai joint declaration issued in Phnom Penh on the occasion of
the 21st Summit of the Association of Southeast Asian Nations (ASEAN).
Although Myanmar has been determined to carry out the three projects,
the country saw slow foreign investment over the past two years as it's
been focusing on enacting a new Foreign Investment Law and removing
economic sanctions imposed on it.
"Myanmar had made progress in relaxing economic sanctions imposed by
European Union countries and the United States through diplomatic means,
overcoming challenges for foreign investment," U Thein Sein said.
Meanwhile, the World Bank and the Asian Development Bank have forgiven
Myanmar its debts, and the country has got new loans with low interest
rate after negotiating with member countries of the Paris Club.
U Thein Sein called for preparing for the ASEAN Free Trade Area that
would take effect in 2015, in an attempt to compete with goods from
ASEAN member countries and some developed countries.
He also urged his people to participate in joint-venture businesses and
corporations by cooperating with foreign investors to produce quality
goods.
Dawei SEZ is the western gate of the southern economic platform of the
Greater Mekong Subregion and it would benefit not only Myanmar but also
other countries in the region in terms of economic development, said the
president.
source: Bernama
http://www.bernama.com.my/bernama/v7/wn/newsworld.php?id=953265
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