Over $500m worth of investments flow into Mandalay Myotha industry park project

Tuesday, January 30, 2018 - 18:30

Global New Light of Myanmar: Local and foreign investments worth more than US$500 million were pumped into the Mandalay Myotha industry park project in Ngazun Township, Mandalay Region, as of the second week of January 2018.

The Mandalay Myotha Industrial Development (MMID) public company expects to house more than 100 plants within three years, said U Tun Tun Aung, managing director of MMID. The Mandalay Myotha industry park project is being implemented on a 10,000-plusacre plot, jointly by the Mandalay Region government and the MMID public company. Currently, five plants are operational, while two plants will be constructed in May. Another 22 plants will be constructed in August.

The project will be executed with 90 per cent foreign direct investments, besides local and foreign joint venture investments. “Currently, authorities are designing the construction of three plants on a 20- acre plot. It will include an automobile assembly plant. A Japanese company has also invested in the Mandalay Myotha industry park project to construct a waste recycling plant,” he added. Among the five plants that became operational currently, two are animal feed plants with investments from Indonesia and Denmark, a saw mill from Hong Kong, a concrete plant from Thailand, and a snow cookie plant from China. Some 24 plants are expected to invest within eight months, creating more than 20,000 job opportunities for the local people. The opening ceremony for a new plant project, with investments from China, was launched on 16 January. The new plant will include a hat factory, a garment factory, a shoe factory and electronic equipment factories. The entry of these plants into Myanmar will create more job opportunities for the local people, said U Tun Tun Aung. The Mandalay Baoshan Myotha Industrial Development has invested more than $390 million in the project. In the first phase, the project will be constructed on a 50-acre plot. As of December 2017, the Myanmar Investment Commission has given the green light to 56 foreign investments, worth more than $3.2 billion, and 141 local investments, worth more than Ks3.75 trillion, in the Mandalay Region - Global New Light of Myanmar