The construction ministry inked a deal with a Thai firm to build a US$1 billion “smart city” in northeastern Yangon.
The JV agreement – signed last Friday – would pave way to more than 30,000 new jobs and US$60 million in direct tax, the two sides said.
The ministry’s Department of Urban and Housing Development and Amata Asia (Myanmar), a subsidiary of Thailand-based industrial conglomerate, Amata Corporation, have signed a joint venture agreement for the development of Yangon Amata Smart and Eco City (YASEC) project over a land of 2000 acres near Laydaungkan village, located between South Dagon and East Dagon townships.
The JV is named YASEC Limited, with Amata holding 80 percent of shares. The company is leasing the land from the Yangon regional government for 50 years with an extension of another 10 years, and another 10 years for the YASEC project.