NEWS-Myanmar Attracts Foreign Inves

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NOTE: Is anyone doing anything about Mitsui ?

Myanmar Attracts Foreign Investment to Industry Park

            Xinhua
            29-JUN-98

            YANGON (June 30) XINHUA - Myanmar has been
            carrying out an extensive marketing drive to attract
            foreign investments to its first foreign-invested
            industrial zone, the Mingaladon Industrial Park, to
            obtain technology for tapping the country's rich
            natural resources. 

            The 89-hectare industrial park in Yangon, whose
            infrastructure facilities were established by the
            Mitsui Co. Ltd. of Japan under a joint venture
            contract with the state-run Myanmar Department of
            Human Settlement and Housing Development, has
            drawn investors from Japan, South Korea,
            Singapore and China's Hong Kong Special
            Administrative Region. 

            According to official sources, these investors have
            taken 15 percent of the total industrial land available
            for long-term lease for at least 50 years. 

            Following the completion of the construction of the
            industrial park (phase one) in two years' time since
            March 1996, detailed design and feasibility study
            for phase-two development are under way. 

            It is expected that when all phases of the project
            are completed, investment from not only Japan but
            also the Southeast Asian region and other parts of
            the world would be obtained to set up enterprises
            there, according to a Myanmar official. 

            The 20-million-dollar Mingaladon Industrial Park
            project, located in the north of Yangon, is one of the
            five planned industrial zones in the capital. Three of
            them are foreign-invested and the Mingaladon is the
            forerunner. The other two are being developed
            mainly by Singaporean, Malaysian and Thai
            companies. 

            Altogether 17 industrial zones have been
            established in Myanmar including those in Yangon,
            Mandalay, Bago, Hinthada, Myaungmya, Myeik,
            Yenangyaung, Pyay, Mingyan and Meiktila. 

            According to official statistics, foreign investment in
            the industrial sector (processing and manufacturing)
            amounted to 1.43 billion U.S. dollars in 113 projects
            by March, the end of the 1997-98 fiscal year,
            ranking second after oil and gas out of a total
            foreign investment of 7 billion dollars. 

            The sector also stood as the second largest
            contributor to Myanmar's gross domestic product
            after agriculture, sharing 9.2 percent of the GDP in
            the 1997-98 fiscal year, a 4.6-percent growth.