24 January 2020
The Department of Urban and Housing Development (DUHD) and AMATA Asia (Myanmar) Limited officially signed a joint venture agreement of Yangon AMATA Smart and Eco City (YASEC) project in Nay Pyi Taw on 24th January.
This project is a significant milestone in the development of 1 billion USD and according to the framework agreement, AMATA Asia (Myanmar) Limited will hold 80% of the shares while DUHD will hold 20% respectively. The project was implemented under a land lease system and the land lease period was 50 years extendable for another 10 years.
This will be the first sustainable Smart and Eco city in Myanmar, by creating the eco-friendly environment, opportunities of quality employment, education, healthcare, commercial and all recreational facilities in one city.
Union Minister, Ministry of Construction, H.E. Han Zaw said “I am very pleased of signing a frame work agreement to develop a Smart and Eco City and other business related to the project and Myanmar Investment Commission also permitted to establish an industrial zone project. Myanmar and Thailand are neighbors and we have good relationship. This project is mutual beneficial one and we hope that there will be more collaboration in all sectors.”
Myanmar is expected to earn foreign direct investment from the manufacturing factories which will be located inside this Smart and Eco City. The local community will benefit from vocational training, economic activity, developed infrastructure and utility and the project will create over 33,000 –opportunities, it’s learnt.
Ambassador of Thailand, Royal Thai Embassy (Myanmar), H.E. Suphatra Srimaitreephithak said “The project is seemed as another monumental step of investment collaboration between Myanmar and Thailand. This also illustrate the robust and comprehensive public-private partnership... Partnership always carries a positive meaning. Partnership can be present the starting point and it can also appear at the finishing line to stay on.”
The project is situated in Yangon Region Dagon Myothit (East) and Dagon Myothit (South) townships near Lay Dount Kan Village on a more than 2,000 acres of land.
The first phase of the project will be developed within 5 years and the construction will start immediately by the first quarter of 2020 with the construction of power plant and water treatment facilities. The construction of first factory of the city will start by 2021.
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