13 May 18 (Xinhua) -- Myanmar has laid out new urban development projects of Yangon region inviting local and foreign entrepreneurs to invest in the master plan through a recent Yangon Investment Forum held in the commercial city.
The Yangon Region Investment Committee outlined that sub-centers, new towns, railway stations and industrial zones will be established as part of the new urban development plan.
The four sub-center projects are planned for Mindanma Secondary Central Business District where trade center, convention center, social service center, logistics, information technology and software center, commercial, business and tourist centers, a sports complex, an amusement park and an inland port will be set up.
The new town projects are planned for Thilawa New City, Southwest New City, Dagon East New City and Dala New City.
The railway station area development projects will be carried out in six main station areas including the Yangon Central, Kyimindine, Insein, Yegu, Mingaladon and Danyingone railway stations.
The Yangon urban development master plan prioritizes 42 projects at an estimated cost of 2.6 billion U.S. dollars. Among them are nine urban development projects, 10 central business district renovation projects and nine social service and management projects.
Some 885 million U.S. dollars have been allocated to implement the 25 projects for the urban development management sector, while the remaining 17 projects are with the infrastructural development sector at an estimated spending of 1.802 billion U.S. dollars.
Yangon Region Investment Committee said the Yangon development vision is to make it an international hub city, a well-managed infrastructure city, a comfortable city and a city of good governance.
With a national road network, the Yangon urban structure will be decentralized to outer areas or to southern seaport.
Businessmen are recommended to invest in the smart and eco city project in northeast Yangon, industrial zones in Dagon East and South, the low cost housings in south west new city project among others.
Some 11 new industrial zones are also projected to be established outside Yangon municipal areas which include Kawhmu, Kungyangon, Twanty, Thanlyin and Kyauktan to prevent development gap between the municipal areas and areas on its periphery.
These industrial zones will spread up to more than 1,800 acres (730 hectares).
There are some 29 existing industrial zones as well as Thilawa Special Economic Zone in Yangon and some 53 percent of the industrial zones in Myanmar are located in Yangon.
Yangon region accounts for 23 percent of the gross domestic product of the country, growing at an average of 9.2 percent year-on-year.
The region also takes up 85 percent of the total foreign trade, having attracted a total of 20.2 billion U.S. dollars' foreign investment from 845 enterprises up to the fiscal year 2017-2018 since 1988-1989.
The region is predicted to have its population increased up to 10 million by 2030 while it is currently a home to 7 million people.
by Feng Yingqiu