Japanese Companies Signs Pact To Develop Economic Zone

Burma’s government has reached an agreement with a consortium of three major Japanese corporations to jointly develop a special economic zone on the outskirts of Rangoon, according to Reuters. The 2,400-hectare site in Thilawa is located close to a deep-sea port, and will be 49 percent owned by three of Japan’s largest trading companies—Mitsubishi Corp, Marubeni Corp and Sumitomo Corp. “From the Myanmar side, we will set up a public consortium so that the general public can invest there,†said Win Aung, chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry.