Investment
‘‘Thilawa Special Economic Zone (SEZ) at the edge of Yangon South District in Yangon Region has received the online overtures of foreign business firms desirous of investing in the zone,” said U Myint Zaw, the Chief Executive Officer (CEO) of Myanmar Thilawa SEZ Holdings Public Co.,Ltd.
Those foreign firms have special interest in making investments and doing business at the special economic zone. Although they cannot visit the country in person because of COVID-19, they are holding dialogue through online mailing. The companies have postponed their planned visits to the zone as it is now in the COVID-19 containment period. Currently, the Myanmar Investment Commission (MIC) approved the business proposals of 18 new foreign firms. Moreover, of the 182 hectares of land available for rent of the categories 1, 2 and 3 of the Thilawa Special Economic Zone, 48 percent has been hired to 20 companies, and the development undertakings of the 26 hectares of rentable land of the category 4 are still going on with accelerated momentum.
“Investments have never stopped entirely. But, there are delays in making investments in the country because of COVID-19, anyhow, there are online enquiries and discussions about the matter. Now, 76 businesses are operating on commercial scale, and about 20 of them are exporting their products. The number of companies desirous of making investments in the zone during the post-COVID-19 period is very high, and it’s an encouraging sign for us. We are continuing our ground preparation works for the possible land renters,” said the CEO of the SEZ Holdings.
The Thilawa Special Economic Zone was commissioned into service with its 405 hectares of land at the zone A in 2003, and in 2007, the zone B was put into service. Now, 113 companies of 19 countries and regions are doing business at a total investment of US$-1.86 billion. Recognized as the most successful one of the various economic zones set up in Myanmar, it has employed about 9,000 local workers at its businesses in operation. If the employees of the construction sectors are added, the number of workers at the special economic zone exceeds 20,000.
The Thilawa Special Economic Zone (Thilawa SEZ) is a 2,500-hectare(6,200 acres) special eco-nomic zone being developed in Kyauktan and Thanlyin townships, 25 kilometres (16 miles) south of Yangon city.
Soe Moe