The South Korean Myanmar Company Wooree and the Yangon regional government have recently signed a memorandum of understanding to establish the Dala Industrial Development Project. Reportedly, the Yangon government plans to construct the project on the west border of the Yangon River and also plans to connect the Yangon-Dala bridge project, located in Dala township.
The Yangon government has not yet revealed any details related to the cost estimation of the Dala Industrial Development Project. Yangon’s Chief Minister however has reported that the bridge will significantly benefit the region’s economic growth and industrial development.
According to sources familiar with the matter, the industrial development project will be a part of the friendship bridge between South Korea and Myanmar. The bridge project will commence from the month of September this year and is scheduled to be completed by the fiscal year 2020-2021. Sources further cite that if the bridge construction project successfully goes forward, the region’s industrial zone will be very well-positioned.
It has been reported that Yangon’s Chief Minister U Phyo Min Thein, Union Minister for Commerce U Than Myint, and other regional government officials were present at the MoU signing ceremony.
For the record, the Dala Township is one of Yangon’s most underdeveloped regions and is presently accessed only via a public ferry. However, in June, more than 1,000 residents from Kawhmu, Dala, and Kungyangon townships joined a protest calling for the rapid construction of the Yangon-Dala bridge as the localities witness a number of deaths due to ferry accidents every year.
According to reliable sources, a report by the Directorate of Investment and Company Administration (DICA) reveals that Korean investments are mostly reserved for the oil & gas and the manufacturing sectors accounting for USD 2700 million and USD 800 million respectively. More than 600 Korea-based companies are registered in the country.