South Korea has planned to build a city named Myanko in Myanmar's Thilawa Port, local media reported Friday.
Myanko means Myanmar-Korea cooperation.
S. Korea will invest 5 billion U.S dollars in the city building, the Biweekly Eleven said.
A delegation led by HANA International Inc. of S. Korea and Myanmar Minister of Transport U Nyan Tun Aung had discussion in August on investments for the all-round development of the special economic zone of Thilawa Port Terminal, and introduction of bio- fuel, wind power and solar power in projects for industrial development of the port area, according to an earlier report.
Myanmar International Terminals Thilawa (MITT) is a deep sea port, 25 km south of Yangon in Myanmar. The international multi- purpose container port, fully owned by Hutchison Port Holdings ( HPH), creates many job opportunities for local nationals.
Directing at the Thilawa port, a social economic zone law was promulgated in January this year, aimed at attracting more foreign investment to develop the country's economy. The enactment of the new special economic zone law came 23 years after Myanmar promulgated its first foreign investment law in November 1988.
In addition to the Thilawa Industrial Zone, Myanmar had earlier set up 18 local industrial zones across the country to encourage private sector to run industrial enterprises for the development of the industrial sector.
So far, a total of 9,574 private industrial enterprises are in operation there.
The 18 local industrial zones are Hlaingthaya, Shwepyitha, Shwelinpan, Shwepaukkan, North Okkalapa, South Okkalapa, Dagon Seikkan, East Dagon, South Dagon, North Dagon, Thakata, Mingaladong, Yangon, Wartayar, Pyin Mapyin, Thatukan, Thit Ahchaykan and Myaungdakar.
Myanmar's industrial sector contributes about 20 percent to the gross domestic product and private sector's contribution to the industrial sector stands at 92.36 percent, statistics show.