YANGON -- The developer of Myanmar's Thilawa industrial park will complete the project two years sooner than initially planned in response to strong calls for its early operation.
The project is being handled by Myanmar Japan Thilawa Development, which was created by three major Japanese trading houses -- Sumitomo Corp., Marubeni and Mitsubishi Corp. -- and Myanmar companies. As of June, around 210 hectares had been developed on the 400-hectare site lying southeast of Yangon. The park will commence partial operation in summer 2015.
The original plan was to begin developing the remaining 150 hectares during fiscal 2015 and complete work in stages by fiscal 2018. The new plan is to break ground this fall and complete work early in fiscal 2016.
Eleven companies have already acquired sites in Thilawa, including U.S. food container producer Ball Corp., Thai steelmaker Millcon Steel and Japanese sewing company Atsumi Fashion. Six of the 11 are Japanese companies. Another 10 or so companies are expected to ink contracts in the next two to three months.
Complete with electric power and a water supply, Thilawa is Myanmar's first modern industrial park and is designated as a special economic zone.