In the very last days of 2020, Yangon Amata Smart and Eco City, a new “modern industrial hub”, held its groundbreaking ceremony in presence of many officials including Yangon Region’s Chief Minister, Thailand’s Ambassador to Myanmar, the Director-General of Myanmar Investment Commission and Mr Arsa Sarasin, chairman of Yangon Amata Smart and Eco City.
Developed on 2,000 acres of land near East and South Dagon Myothit townships with a 50-year land lease agreement with the government (with two possible 10-year extensions), the project is slated to be implemented over five years and expected to create over 33,000 jobs for local people.
“The project is located on the economic corridor of Thilawa Special Economic Zone and Hantharwady Airport. It will become an important hub in the city. It will bring benefits and spur technological development to the urban areas. I believe we might see technology transfer through foreign direct investments”, stated Yangon Region Chief Minister U Phyo Min Thein in his opening remarks.
The estimated USD 1 billion project will be jointly developed by the
Department of Urban and Housing Development (DUHD), a department under the Ministry of Construction, and Thailand-based and listed Amata Corporation. DUHD holds a 20% stake in the company developing the project and the rest is owned by Amata Asia (Myanmar) Limited. The latter has been granted approval to be listed on Yangon Stock Exchange the same day.
The project will boast “all necessary infrastructures, utilities, logistics and services, industrial waste management activities (…) and aims to create an essential hub in the region, providing jobs, vocational schools, healthcare service, trade and recreation places in one place in order to attract quality investors.” says the company’s statement.
The hub aims to attract USD 3.7 billion from the tenant companies in the zone with a forecast of USD 3 billion in annual production capacity when fully operational, while generating yearly tax revenue of USD 60 million.
Amata first proposed the project to the Yangon Region Government in early 2017 and launched a feasibility study in May 2017. The Myanmar Investment Commission greenlighted the project in October upon completion of EIA and SIA assessments.
