Myanmar's major SEZ project set to go into operation in mid-2015

Myanmar will see commercial production of Class A project of its high-profile Thilawa Special Economic Zone (SEZ), located just 25 km from Yangon, commence in mid-2015, official media reported Saturday. The earthwork for the Class A Project has been completed and construction of water and power facilities are underway, said the New Light of Myanmar, quoting U Win Aung, chairman of Myanmar Thilawa SEZ Holdings Public Ltd. (MTSH). The Thilawa project, the most advanced of several foreign investment-driven SEZ projects in the country, is expected to help create about 40,000 jobs for local residents, said U Win Aung. The Class A project covers 396 hectares out of the total land area of the entire Thilawa SEZ's 2,342 hectares. MTSH has received many letters of intents from companies around the world, especially from Japan, China's Hong Kong and Europe, on investing in the project, he added. MTSH has offered to sell 2,145,000 shares through public offering in Myanmar via 450 bank branches, in a bid to raise funds needed for facilitating project construction. The company will establish counters for buying and selling shares within three months so that shareholders can trade their shares conveniently. The main investor of the project is Myanmar-Japan Thilawa Development Limited, a joint venture formed by Myanmar and Japanese investors and the governments of the two countries, with the Myanmar side owning 51 percent of the project. Of the 51 percent stake, 10 percent is owned by Thilawa SEZ Management Committee and 41 percent by MTSH. The Thilawa SEZ project will eventually include high-tech, textile, manufacturing industries and other labor-intensive sectors.