Foreign investors may be less interested in new projects
08 May 18 - Foreign investors will become less interested in the new projects if the government is unable to solve difficulties in the current industrial zones, leading to the manipulation of land prices, said Yan Shin, the regional member of parliament of Mayagone Township Constituency-1.
The members of parliament debated Yangon Region Government local and foreign investments for urban development, at the sixth regular session of Yangon Region Parliament.
"It is sure that foreign investors will become less interested in the new projects and blame it on weak management if the government is unable to solve the problems systematically. As a result, the people who have extra money will buy land spaces and then manipulate land prices," he added.
According to the report, there are 29 industrial zones in Yangon. The government is responsible for dealing with the fact that local and foreign investors are less interested in the projects due to skyrocketing land prices and lack of systematic water supply, power supply, roads and sewage disposal system.
Special attention should be paid to the fact that almost all current industrial zones have many weaknesses. Take a look at industrial zones in ASEAN and neighbouring countries, there is a massive influx of investors as land prices are relatively low and import-export system is very smooth. The government needs to set a plan as industrial zones in Yangon face water, electricity, road and squatter problems.
Source: Eleven Myanmar
Source Link: http://www.elevenmyanmar.com/business/13883