Establishment of a Consortium for the Development of the Thilawa
Establishment of a Consortium for the Development of the Thilawa SEZ
Tokyo, Oct 29, 2013 - (JCN Newswire) - Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation are pleased to announce the establishment of a new consortium to develop the Thilawa Special Economic Zone project in Myanmar. Following a feasibility study undertaken over the past several months, the consortium will be a product of collaboration between the three partners and a public-private partnership comprising the Government of Myanmar and local enterprises. The consortium will focus on developing the "Class A Area", the section of the Thilawa Special Economic Zone designated for initial development.
MMS Thilawa, an equal investment limited liability partnership established by Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation in April 2013, will contribute 49 percent of the capital for the project, while 51 percent will be provided by the Government of Myanmar and local enterprises to form an entity, tentatively named Myanmar Japan Thilawa Development Ltd. (MJTD). Located in Yangon, Myanmar, MJTD will acquire rights to 400 hectares of property from the Government of Myanmar, and will proceed to develop a high-quality industrial zone. Property development is expected to be undertaken by Japan's Penta-Ocean Construction Co., Ltd. and a consortium of construction firms from Myanmar. The Thilawa Special Economic Zone is scheduled to commence in 2015.
The Thilawa Special Economic Zone occupies a wide area of 2,400 hectares of land approximately 20 km southwest of the Myanmar capital, Yangon. This is a prime location which boasts an abundant labor population and can utilize existing nearby port facilities. The three companies started a joint feasibility study and environmental impact assessment in the summer of 2012 regarding the investment in the 400-hectare Class A Area, the section of the property slated for initial development. Upon approval from the Myanmar Government, the project construction will be underway.
The three companies believe the project will attract wide interest from Japanese and other foreign companies seeking to invest in Myanmar, and contribute to overall industrialization, increased employment, and economic development in the country. Collaboration with the Japanese and Myanmar governments will continue in order to realize this project.
MMS Thilawa Location:2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan Business Activities: Development and marketing of industrial complex in Myanmar; establishment of local management company Shareholder Composition: Mitsubishi Corporation, 33.3 percent; Sumitomo Corporation, 33.3 percent; Marubeni Corporation, 33.3 percent
MJ Thilawa Development Ltd Location: Thilawa, Yangon, Myanmar Business Activities: Development, marketing and management of Thilawa industrial zone Shareholder Composition: Government of Myanmar/Private Companies, 51 percent; MMS Thilawa, 49 percent
Mitsubishi Corporation Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan Business Activities: Mitsubishi Corporation has six Business Groups which develop operations in the diverse fields of Industrial Finance, Logistics & Development, Energy, Metals, Machinery, Chemicals and Living Essentials. In addition to these Business Groups, Mitsubishi Corporation has also recently established the Business Service Group and Global Environment & Infrastructure Business Development Group. Representative: Ken Kobayashi, President and CEO Founded: April 1, 1950 No. of Employees:65,975 (consolidated, as of March 30, 2013)
Marubeni Corporation Headquarters: 1-4-2 Otemachi, Chiyoda-ku, Tokyo, Japan Business Activities: Through its local and international network, Marubeni Corporation provides products and services in a broad range of sectors, encompassing import and export as well as transactions in the Japanese market, related to food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals, machinery, finance logistics, information technology, infrastructure development and a range of other fields, including resources development and investments on a global level. Representative: Fumiya Kokubu, President and CEO, Director Founded:December 1, 1949 No. of Employees:33,566 (consolidated, as of March 30, 2013)
Sumitomo Corporation Headquarters:1-8-11 Harumi, Chuo-ku, Tokyo, 104-8610 Japan Business Activities:Sumitomo Corporation engages in multifaceted business activities benefitting from our Integrated Corporate Strength, selling a variety of domestic products and services, conducting import/ export and trilateral business transactions, providing domestic and international business investment, and participating in numerous other profitable activities facilitated by our global network and the relationships of trust built with corporate business partners and consumers in various industrial sectors around the world. Representative:Kuniharu Nakamura, President and CEO Founded:December 24, 1919 No. of Employees:73,953 (consolidated, as of March 30, 2013)
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Mitsubishi Corporation Tel: +81-3-3210-2171 Fax: +81-3-5252-7705
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