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Myanmar Investment Sept 12

MYANMAR
Investment
Thai, Malaysian, Chinese and Russian firms invest in cyber city
Some companies from Thailand, China, Malaysia and Russia will invest in Myanmar's first prospective cyber city of Yadanabon in the early phase of its development, local media reported Wednesday.

These companies are Shin Satellite (Thailand), ZTE and Alcatel Shanghai Bell (ASB) ( China), IP Tel Sdn. Bhd. (Malaysia) and CBOSS (Russia), the local 7-Day News quoted an official responsible for the construction of the cyber city as saying.

The Yadanabon Cyber City, Myanmar's new emerging largest information and communication technology (ICT) park, is nearing completion and two phases have been set for the opening of the cyber city.

The factories from these foreign companies will be cornerstoned together with the soft opening of the cyber city in the end of this month as the first phase, while the full inauguration will follow in next January as the second phase along with the introduction of an ICT Week activities and the opening of a National Land Mark near the cyber city.

The 10,000-acre (4,050-hectare) Yadanabon cyber city project, located in hilly Pyin Oo Lwin near a highway, 67 kilometers east of the second largest city of Mandalay in the north, has been under hasty construction since last year after jungle areas there were cleared.

To attract foreign investment in the cyber city project, Myanmar has offered to grant both foreign and local entrepreneurs to be engaged in ICT business in the project to develop the silicon mountain town.

On completion of the cyber city project, investors will be allowed to directly export their computer accessories produced in the cyber city and one stop service center, which renders customs and banking services, will be established for the purpose, according to the media. Xinhua reports

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