LH Holds Groundbreaking Ceremony for Korea-Myanmar Economic Cooperation Industrial Complex

Location Map of Korea-Myanmar Industrial Complex for Economic Cooperation (KMIC) (Photo by LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 24th that it held the groundbreaking ceremony for the Korea-Myanmar Economic Cooperation Industrial Complex (hereinafter KMIC) at the KMIC site in Yangon, Myanmar.

KMIC is the first overseas industrial complex led by LH. The construction is being carried out in two phases on a 2,249,000㎡ site in the Yaungnypin area, located 10 km from Yangon City, Myanmar.

To establish the foundation for the project, LH signed a joint venture agreement last August with the Myanmar government and Korea's Global Sea, investing 40%, 40%, and 20% respectively to establish the joint venture corporation.

The joint venture corporation issued an international bid announcement in October for the first phase (1,273,000㎡) of the complex development project and signed a contract worth 29.5 billion KRW with the Gyeryong Construction-Sea STX Entech consortium.

Lee Yong-sam, Head of LH Global Business Headquarters, said, "With this groundbreaking ceremony, the Korea-Myanmar economic cooperation project is now on track, and we will strive to ensure that a successful industrial complex that enables mutual growth for both countries is established without any setbacks."

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