A second memorandum of understanding regarding cooperation in the development of the Thilawa Special Economic Zone is expected to be signed in mid-October, Deputy Minister for National Planning and Economic Development U Set Aung said last week.
“We are planning to give compensation to the residents, split into 13 categories, for people who have lost their land for this project,” U Set Aung said October 2 on Myanmar National TV.
The agreement will be the second MOU between the nine Myanmar public companies – including sanctioned entity Dagon International – and the three Japanese firms backing the project, Mitsubishi, Sumitomo and Marubeni, he said.
The first agreement was signed when Japan’s prime minister visited Myanmar in late May.
U Set Aung said the agreement covers an initial investment of about US$200 million, which will be used to lay the foundations, with a tentative completion date of 2013. It is hoped that the founding companies will then be able to build plants and factories in 2014 and commence operations in 2015. The zone is expected to be finished by the end of 2016.
Ms Ikeda Ami, media spokesperson for Japan International Cooperation Agency (JICA) said the Yangon Region government has taken very seriously the issue of compensating and resettling people who have lost their land and houses for the project.
“JICA has sent experts to support this [project] in an appropriate way based on international standard guidelines for environmental and social considerations,” she said.
source: The Myanmar Times
http://www.mmtimes.com/index.php/business/8362-mou-for-thilawa-project-set-for-october.html
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