02 May 18 - New Yangon Development Company (NYDC) on Monday signed a framework agreement with China Communications Construction Company (CCCC) under which the two parties will carry out the necessary surveys and studies needed to develop and implement a new city in Yangon.
NYDC is backed by the Yangon Regional Government, while CCCC is one of the largest international construction companies in the world.
Cooperation between both NYDC and CCCC is expected to strengthen ties between Myanmar and China and contribute to national GDP through the creation of jobs, Yangon Chief Minister U Phyo Min Thein said on Monday.
At a press conference in Yangon last week, U Phyo Min Thein said investor interest in the New Yangon City project from China, South Korea and ASEAN is on the rise. There have already been proposals to construct two bridges, which will provide access to the new city as well as link the city to the main roads connecting to the rest of Yangon.
Others have also proposed to construct new roads in the city, and there has also been a request to lease over 2,000 acres of land for development within the new city, U Phyo Min Thein said.
NYDC was launched on March 31 to develop the New Yangon City project under a Public-Private Partnership model, with private businesses contributing equity investments. When complete, the new city is envisioned to rival the likes of Shenzhen, South Korea's Incheon and Malaysia's Iskandar, according to NYDC.
The total area of New Yangon City, encompassing Phase 1 and Phase 2, will cover 1,500 square kilometers. Under Phase 1, NYDC will develop 20,000 acres of land west of central Yangon across from Kyeemyindaing into an urban industrial district. Meanwhile, Phase 2 will stretch across from Dala to the Gulf of Martaban.
Infrastructure works related to Phase 1 of the New Yangon City project are expected to amount to a sum in excess of $1.5 billion. This will include the construction of five village townships, two bridges, 26 km of artery roads, 10 sq km of industrial estate, power plants, transmission and distributions facilities as well as fresh water supplies and wastewater treatment plants.
When complete, the new city will help cater to Yangon's growing population and help alleviate key issues such as the shortage of employment and housing.
Source: Myanmar Times