The Ministry of Planning and Finance is carrying out plans for new economic zones and special economic zones as the quality of existing industrial zones is mediocre and upgrading them is difficult, state media reported on 20 March.
“If we look at the current economic zones and special economic zones we can see they are not doing so well because they were constructed a long time ago and not well established. It is near impossible to upgrade them now, so we think it’s better to construct new ones instead,” Union Minister for Planning and Finance U Kyaw Win was quoted as saying.
Yangon is known for being the economic capital of Myanmar and there are 29 industrial zones and over 6,200 small and medium-sized industrial businesses in the Yangon Region.