US company to lease land for setting up business in Myanmar SEZ05 June 2014
Xinhua, Yangon :
An unidentified US company is planning to lease land for setting up business in Myanmar's first biggest Thilawa Special Economic Zone (SEZ) project being implemented on the outskirts of Yangon, state media reported Wednesday.
Formal signing of the lease contract is expected to take place later this week with the joint-venture developer-
Myanmar-Japan Thilawa Development (MJTD) Co Ltd for the Class A Area of the Thilawa SEZ in Thanlyin, 20 kilometers southeast of Yangon.
More deals will follow with other companies, mainly from Japan, said the New Light of Myanmar.
MJTD was formed by two Myanmar companies and two Japanese companies sharing under an ownership ratio of 51 to 49.
The two Myanmar companies comprise the government's Thilawa SEZ Management Committee and the Myanmar Thilawa SEZ Holdings Public Co Ltd (MTSH), while the two Japanese companies involve MMS Thilawa Development Co Ltd and Japan International Cooperation Agency (JICA).
MMS Thilawa is a consortium group of Mitsubishi, Marubeni and Sumitomo Corporations.
Myanmar started the land lease procedure for Phase 1 of the Thilawa Class A Area with its first biggest Thilawa SEZ project.
The Class A Area of the nearly 2,400 hectares SEZ has an area of 396 hectares divided into three phases with phase 1 covering an area of about 200 hectares.