Korea Land and Housing Corp. (LH) signed a memorandum of understanding (MOU) with the Urban and Housing Development Department (UHDD) of Myanmar’s Ministry of Construction (MOC) and Global Sae-A Co on August 7, 2019, establishing a joint venture to build an industrial complex in Nay Pyi Taw, the capital of Myanmar.

The Korea-Myanmar Industrial Complex (KMIC) is the first industrial complex project promoted by LH in the ASEAN region. It will be built on an area of 2,249,000 square meters in Nyaung Hnit Pin, about 10 kilometers north of Yangon city. The project period will be divided into two stages from 2019 to 2024, and the total construction cost is 130 billion won (US$107.45 million).

LH and the Myanmar government will hold a 40 percent stake in the joint venture each and Global Sae-A will own the remaining 20 percent. The joint venture will place an order for the industrial complex design by the end of this year and start construction and attract investments next year.

Source: Business Korea 

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