Earlier, we reported on Phase 1 of the Yangon City Project, where Yangon Region Chief Minister Phyo Min Thein announced an infrastructure development plan expected to cost over US$1.5 billion. That plan represents Phase 1 of the “New Yangon City” development – to develop land on the west bank of the Yangon River.

The Chief Minister revealed he expects the new Yangon City Project to attract new investments from international players over the next few years. 

More recently, the New Yangon Development Co. hosted a roundtable meeting with key stakeholders from the Myanmar Engineering Council, Myanmar Engineering Society, Myanmar Architect Council, and the Association of Myanmar Architects to discuss New Yangon City Socio-Economic Master Plan (SEMP).

Serge Pun, CEO of the New Yangon Development Committee (NYDC) says that the purpose of the meeting was to listen to stakeholders' advice, enabling the NYDC to proceed "with an extra degree of confidence in the planning of our new city's master plan".

Related reading: Will the New Yangon City Project attract investment from international players?

"As we progress with the formulation of the master plan, we do intend to continue with future town hall meetings and roundtable discussions with experts, stakeholders and the public at large. We consider this to be an important part of our undertaking so as to ensure that, to the best of our ability, we will have a productive city and a liveable city emerge on the western banks of the Yangon River," Mr Pun said.

Two million jobs to be created

Mr Pun says the New Yangon City project is expected to create two million jobs.

"This is a challenging goal but not an unattainable one. It will require monumental efforts from all quarters," said Mr Pun.

"Firstly, from the government to formulate the right policies to create the conducive climate to attract the job creators.

"Secondly, from the city planners and executioners to develop the required infrastructure and supporting services to enable the job creators to operate efficiently.

Related reading: NYDC targets growth in housing, employment and investment with Phase 1 of its New Yangon City plan

"Thirdly, from the investors who would elect to have faith in our future and invest the necessary funds to make it a reality, and last but not the least, from the public and population at large to render their support and help. With the collective efforts from all these quarters, I am confident that our aspirations will be fulfilled."

The "3 + 4 + 5" sector strategy 

The SEMP report, available here, has 12 sectors which have been prioritized to ensure a balanced and competitive economy can be achieved. Mr Pun says this follows a "3 + 4 + 5" sector strategy:

• 3: labor-intensive manufacturing sectors in the short-term that will generate significant employment - garments, food processing, and furniture and other durables.
• 4: value-building manufacturing sectors in the long term, which can provide higher-skilled jobs - chemicals and pharmaceuticals, automotive, electrical and electronics and metal and mineral products.
• 5: enabler sectors to support the development of industrial sectors and attract residents - education and healthcare, wholesale and retail trade, construction and real estate, logistics, and financial services.

Mr Pun says the New Yangon City is not intended to replace the existing Yangon, but "rather to make it more vibrant and successful so that it can maintain its important role as the economic capital of the nation."

"Existing Yangon needs significant investments in infrastructure and restructuring of its urban facilities to cope with the increase in population and resultant demands. However, what New Yangon will provide in job opportunities and a well-planned 21st century city cannot be easily achieved in existing Yangon," Mr Pun said.

"As a greenfield city, New Yangon enjoys the benefits of being able to learn from the experiences of other cities and "leapfrog" into the future without repeating the mistakes of the past."

Mr Pun says he is confident "that with the collaborative efforts of the private and public sector we will have a chance to provide the best we can for the future generation of Myanmar."

Source: New Yangon Development Co.

Similar to this:

Orchestrating and fine-tuning Phase 1

The First of Many Town Halls

Will the New Yangon City Project attract investment from international players?