Thai developer Amata Group will partner with the Ministry of Construction on a USD 270 million industrial center outside of Yangon.

The Myanmar Investment Commission approved the “Yangon Amata Smart Eco City” on October 21st. The site will cover around 800 hectares in Dagon Township, east of Yangon. It will include residential and commercial units, a hotel and resort and a vocational training center, the Myanmar Times reported. Amata Group, which has an 80 percent stake in the project, will be responsible for attracting companies to move into the site.

The industrial zone is one in a series of economic agreements between Thailand and Myanmar. Representatives from both countries cut the ribbon on a second Thailand-Myanmar Friendship Bridge, which aims to boost cross-border trade. Also in October, Thailand and Myanmar agreed to speed up progress on the ambitious Dawei Special Economic Zone. For that project, Thailand will give Myanmar a MMK 220.6 billion loan for a new highway linking Dawei to Kanchanaburi, Thailand.

The Amata Group industrial site will fall within the Yangon Project Bank (YPB), a government initiative that oversees 80 high-priority development projects. These projects will be public-private partnerships totaling around USD 8 billion in investment and covering around 6500 hectares of land.