The Myanmar Investment Commission (MIC) has approved Thai developer Amata Group’s proposal to develop a smart industrial estate project in Yangon Region.
Amata Group is a Thai-listed developer headquartered in Bangkok known for its work on industrial estates.
A meeting of the Myanmar Investment Commission on October 21 approved the development and operation of the project that will be overseen by Yangon Amata Smart Eco City Ltd.
Yangon Amata Smart Eco City is an 80/20 joint venture company between Amata Group and the Ministry of Construction.
The US$270 million project is expected to cover some 800 hectares located near Lay Daung Kan Village, Dagon Township in Yangon
A vocational training center will be one of the prominent features of the project and is expected support the development of skilled labour in the country, said MIC Secretary U Thant Sin Lwin.
The project will be also feature light and medium industrial and economic zones, residential units and commercial spaces such as a resort and hotel.
Once the industrial estate is completed Amata Group will play a leading role in inviting businesses to set up shop , according to the Directorate of Investment and Company Administration.
The Ministry of Construction and Amata Corp Pcl signed a framework agreement to jointly develop the project in August.
The project can be considered among the first under the umbrella of the larger Yangon Project Bank covering some 6500 hectares overseen by the Ministry of Construction.
The government aims to improve standard of living of Yangon residents, boost economic growth in Yangon city and create employment opportunities with developments such as the Amata-backed project under the Yangon Project Bank.
Credit : Myanmar Times