KMIC project to be implemented in December, creating around 100,000 job opportunities

Construction of Korea-Myanmar Industrial Complex (KMIC) project will begin in December, creating around 100,000 job opportunities for the residents, according to the Ministry of Construction.
The tender winner of the KMIC project will be chosen in two months. The construction Phase I of the KMIC project will be implemented on a plot of land of 315 acres, according to the announcement of Korea-Myanmar Industrial Complex-KMIC Development Co., Ltd.
KMIC’s Project’s Phase I will be set up at about 10 kilometres north of Yangon Region. KMIC is a collaborative effort between the Korea Land and Housing Corporation and Myanmar’s Department of Urban & Housing Development (DUHD). Myanmar Government expects KMIC to create more market opportunities and bring benefits to the local and foreign companies that want to make a profit.
KMIC invited tenders for the Phase I construction of KMIC on 19 October 2020. Construction of the first phase will develop 315 acres of land out of 556 acres required for KMIC. The construction period will take 24 months, and it is expected to cost US$27 million, according to the announcement of KMIC Development Co., Ltd.
This KMIC project will hold 60 per cent from Korea and a 40-per cent stake from Myanmar. KMIC is planning to finish the construction of $120 million worth international industrial zone project on a 550-acre vast plot of land on Nyaungnhapin in Hlegu Township in Yangon Region by 2025, according to the Myanmar Investment Commission. —Zin Yaw Aye (Translated by Hay Mar)

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