About US$120 million will be invested in the Korea-Myanmar Industrial Zone (KMIC) Project phase 1 in Hlegu Township, Yangon Region, and it is planned to be completed by the end of 2024.
The industrial zone project will be implemented in two parts on a total land area of 555.81 acres.
Forty per cent of the project was financed by the Department of Urban and Housing Development. The Korean government-owned Korea Land Housing Corporation (LH) jointly owns 40 per cent and the Korean company Korea Global Sae-A 20 per cent.
Currently, the Korea-Myanmar Industrial Zone (KMIC) Project phase 1 is being implemented on a land area of 314.69 acres.
Phase 2 of the project will also be carried out on a land area of 241.12 acres.
Phase 1 of the project started in December 2021, and it is scheduled to be completed in December 2024.
It will be implemented at a cost of about $48.45 million for the construction of phase 1 of the Korea-Myanmar Industrial Zone (KMIC) project.
A total of about $120 million will be invested in the entire KMIC project.
The Korea-Myanmar Industrial Zone (KMIC) project will include residential and commercial areas in addition to the industrial zone and will be developed into a large international-level industrial zone.
Upon completion, the international industrial zone will create around 50,000 to 100,000 employment opportunities for local people.—TWA/GNLM