Yangon AMATA Smart and Eco City expected to create 33,000 jobs with new project
Myanmar Business Today, Myanmar (28 December, 2020) - Yangon Amata Smart and Eco City, expected to create over 33,000 jobs for local people, has kicked off the construction process with the official groundbreaking ceremony on December 27.
AMATA Asia (Myanmar), a subsidiary of Amata Corporation, a listed company on the Stock Exchange of Thailand, holds 80 percent of the $1 billion project while the Department of Urban and Housing Development under the Ministry of Construction holding the remaining interest.
The project is slated to be implemented over five years on 2,000 acres of land near Laydaung Kan village in East Dagon Myothit and South Dagon Myothit.
Yangon Amata has signed a 50-year land lease agreement for this with the government with two possible 10-year extensions, terms allowed under the Myanmar Investment Act.
Other agreements the company signed with the Ministry of Construction cover industrial-use gas distribution; transportation and communications; electricity and natural gas production and distribution; construction materials manufacturing and distribution; and the building of international vocational schools.
Amata first proposed the project to the Yangon Regional Government in early 2017 and launched a feasibility study in May 2017. The Myanmar Investment Commission greenlighted the project in October upon completion of EIA and SIA assessments.