Oct. 21, 2016
Signing of Joint Venture Agreement for 2nd Zone of Thilawa SEZ in Myanmar
MMS Thilawa Development Co., Ltd. (MMSTD), an equal investment liability partnership established by Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation (“three companies”), has signed an Amendment of Joint Venture Agreement with the Japan International Cooperation Agency (JICA), Thilawa SEZ Management Committee (TSMC), and Myanmar Thilawa SEZ Holdings Public Ltd. (MTSH) for the development of a new phase in the Thilawa Special Economic Zone (SEZ) in Myanmar. The Thilawa SEZ is being developed and operated by Myanmar Japan Thilawa Development Ltd. (MJTD), a joint venture between the aforementioned partners (MMSTD, JICA, TSMC and MTHS). (*Note 1)
MJTD, founded in 2013, has been developing the Thilawa SEZ’s 405-hectare “Zone A” (*Note 2), which was successfully opened in September 2015. Through this amendment, MJTD can now proceed to undertake industrial development at the 101-hectare Phase 1 of “Zone B,” in addition to the work it is already doing in Zone A. Project construction will proceed on the basis of the progress made with completing the requisite procedures, including land acquisition and the appropriate resettlement of residents, which are being undertaken by the Government of Myanmar.
This is the first public-private business partnership between Japan and Myanmar, and the three companies are committed to attracting wide interest from Japanese and other foreign investors to Thilawa SEZ. In so doing, they will draw on the support of both governments with a view to contributing to employment creation and economic growth in Myanmar.
Note 1: For details about the initial investment in MJTD, please refer to the news releases issued by the three companies on October 29, 2013:
Note 2: The term “Class A”, used in the initial news releases, has been formally changed to “Zone A” but the meaning remains unchanged.
1. Mitsubishi Corporation
|(1)||Headquarters||:||2-3-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8086 Japan|
|(2)||Business Activities||:||Mitsubishi Corporation has seven Business Groups which develop operations in the diverse fields of Global Environmental & Infrastructure; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group. Through these business groups, Mitsubishi Corporation serves customers around the world in virtually every industry.|
|(3)||Representative||:||Takehiko Kakiuchi, President and CEO|
|(4)||Date Established||:||July 1, 1954|
2. Marubeni Corporation
|(1)||Headquarters||:||Tokyo Nihombashi Tower, 7-1, Nihonbashi 2-chome, Chuo-ku, Tokyo, 103-6060, Japan|
|(2)||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.|
|(3)||Representative||:||Fumiya Kokubu, President and CEO, Director|
|(4)||Founded||:||December 1, 1949|
3. Sumitomo Corporation
|(1)||Headquarters||:||1-8-11 Harumi, Chuo-ku, Tokyo, 104-8610 Japan|
|(2)||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.|
|(3)||Representative||:||Kuniharu Nakamura, President and CEO|
|(4)||Founded||:||December 24, 1919|