According to a press conference held by the Myanmar Investment Commission (MIC), total foreign direct investment (FDI) in the Thilawa Special Economic Zone (SEZ) has reached approximately USD $150 million in the space of three months. 

Director-General of Directorate of Investment and Company Administration (DICA), U Aung Naing Oo has explained that from 1 April to date, the government has granted a total of investment permits worth USD $149.1 million. 

The MIC expect that once Thilawa SEZ is completed, about 150 foreign companies will have invested approximately USD $1.7 billion.

At present, more than 17 countries have invested in the project. In addition to this a total of 89 factories have been given the green light, and of these, 39 have already begun their commercial operations. 

Since 2014, when investor registrations opened, the first 10 approved companies included:

1. Koyorad Myanmar Corporation Co., Ltd. - Singapore (Japan) - Manufacturing: Radiator - 100% export oriented and labour intensive
2. Lu Thai (Myanmar) Co. Ltd. - China - Manufacturing: High-grade yarn-died shirts - 100% export oriented and labour intensive 
3. Thilawa Cement and Building Materials Ltd. - France - Service: Storage, packaging and distribution of cement - Highly beneficial for construction sector
4. Ball Asia Pacific (Yangon) Metal Container Limited - Singapore (USA) - Manufacturing: Steel and aluminium cans - Import substitution 
5. Foster Electric (Thilawa) Co., Ltd. - Singapore (Japan) - Manufacturing: Speaker, headphone, audio electronic equipment and other related products - 100% export oriented and labour intensive
6. Indorama Ventures Packaging (Myanmar) Limited - Singapore (Thailand) - Manufacturing: PET preform and HDPE Closure - Import substitution 
7. Golden Dowa Eco-System Myanmar Co., Ltd. - Japan - Service: Industrial waste management - Environmental conservation
8. Showa Glove Myanmar Co. Ltd. - Japan - Manufacturing: CMP of knitting gloves - 100% export oriented
9. Atsumi Myanmar - Japan and Myanmar - Manufacturing: CMP of female underwear - 100% export oriented and labour intensive 
10. Cute Myanmar Thilawa Co., Ltd. - Japan - Manufacturing: Stuffed toys - 100% export oriented. 

For a full list of all approved investors see Thilawa SEZ Managment Committee.

Now that Zone-A is 90 per cent complete, investors have been granted permits for Zone-B.

Zone-B was launched on 24 February 2017 and the project is expected to be completed by mid-2018. 

Tomoyasu Shimizu, President of Myanmar Japan Thilawa Development Limited (MJTD) the inflow of investments into the zone will gradually increase in years to come, thanks to a transparent business pattern.

Sources: Myanmar Investment Commission, Thilawa SEZ Management Committee, Eleven Myanmar 

This article was previously published on Mingalar Real Estate Conversation.

Similar to this:

Mottama Holdings announces US$1 billion in new projects - Myanmar

New Minister for Planning and Finance appointed in Myanmar

Japan Corporation partners with Myanmar for USD $38 million Mandalay Port Development