Myanmar authorities, on Wednesday warned that undeveloped land plots in industrial zones in Yangon region could be confiscated, unless concrete reasons were provided.
According to the Yangon City Development Committee, there are 29 industrial zones in Yangon region and about 60 per cent of the plots are being utilized, while the rest remain undeveloped with only warehouses and fencing built.
Under the Industrial Zone Bill amended by the parliament early in September, businessmen, who hold plots in industrial zones and left them unused, were to seek approval from the authority by forwarding their plans within six months.
This, it said, failure to do so, within two years, the plots would be seized by the respective industrial zone committee but with 50 per cent reimbursement of the land’s value.
The committee explained that under the bill, business owners could face a maximum sentence of three years in prison if they violate the rules.
The 29 existing industrial zones in Yangon account for 53 per cent of the total industrial zones in the country.
Meanwhile, Myanmar had since laid out a new urban development project of Yangon region, inviting local and foreign entrepreneurs to invest in the master plan.
The committee also outlined that sub-centers, new towns, railway stations and industrial zones would be established as part of its plan.
However, Yangon region accounts for 23 per cent of the gross domestic product of the country, growing at an average of 9.2 per cent year-on-year.
The region also takes up 85 per cent 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 increase to 10 million by 2030 while it is currently home to 7 million people.(dpa/NAN)
