The Korea Land & Housing Corporation (LH) announced that it has signed a memorandum of agreement (MOA) to build a Korea-Myanmar Economic Cooperation Industrial Complex with the Myanmar’s Ministry of Construction at the Kensington Hotel in Jeju Island on June 16.
The industrial complex with a floor space of 2.37 million square meters will be located 10 kilometers north of Yangon City, the biggest city in Myanmar with a population of 6 million people. It is adjacent to the nation’s only freeway connecting Yangon, Naypyidaw, the capital, and Mandalay, the second largest city, and is 30 minutes away from the airport and an hour away from ports.
The project started after the Korea-Myanmar economic cooperation joint committee agreed on the need of extension of trade between the two countries and of the industrial complex to help Korean companies push into Myanmar at the first meeting in June 2013. LH and Myanmar’s Ministry of Construction signed a memorandum of understanding (MOU) in September 2015 to jointly develop the industrial complex and the Myanmar government approved LH’s letter of intent of business project in January 2016 and the MOA in May 2017.
With the latest MOA, the Myanmar government will contribute the land to a new joint venture as the investment in kind and install external infrastructure such as access roads, electricity and water, to strengthen the price competitiveness of the industrial complex.
LH President Park Sang-woo said, “Making use of LH’s experiences in developing industrial complexes, we will help domestic companies enter the Myanmar market and promote economic cooperation between Korea and Myanmar.”
Meanwhile, LH hosted a smart city briefing session and smart city exhibition at the 2017 Asian Infrastructure Investment Bank (AIIB) annual meeting held at the Jeju International Convention Center from June 16 to 18. At the smart city exhibition hall, visitors could view Korea’s history of urban development and experience solution walls and virtual reality (VR) rooms which enable to indirectly experience future smart city’s life and advanced smart technologies including smart water, smart recycling, smart energy and smart transportation.