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

At a press conference on the launch of New Yangon Development Co Ltd (NYDC) at Yangon's Lotte Hotel on March 31, the Chief Minister said he expects the plan will boost employment and increase investment in the area. “The establishment of strong basic industry will help create new jobs,” he said. “As a result, benefits from this sector will flow into other sectors gradually. The new project will create two million jobs. The project is expected to help develop local businesses and attract international investors. The project will include quality building and fair-cost housing for the people from all strata of society.” Thein Wai (Serge Pun), NYDC CEO, expects the new employment opportunities to have additional advantages. “Thanks to new employment opportunities, there will be social and economic benefits,” he said. 

Fully owned by the Yangon Regional Government, the NYDC was established in accord with the Special Companies Act, with the aim of developing land on the Yangon River’s west bank, building the economy and housing sector and creating jobs. The NYDC will be managed by a board of directors comprising of a mix of government ministers and independent foreign directors.

The project itself will be developed under a Public Private Partnership (PPP) system. According to Nilar Kyaw, Yangon’s Regional Minister for Electricity, Industry and Transport who is also the chair of the NYDC, the government has contributed Ks10 billion into the NYDC’s fund.

The first phase covers an area known as “Yangon Myothit”, which will be almost two times the size of Singapore on completion. The area will include five villages and townships, two bridges, 26km of main roads, industrial zones, and power plants and distribution facilities, as well as water and sewage treatment plants.

Greater transparency through international standards

NYDC CEO Thein Wai (Serge Pun) also committed the company to good administration and international best practices and standards, saying “As CEO, there will be no direct or indirect involvement in the tender processes for better administration when I myself and companies under [my] management compete for tenders invited by the Public Works Department.” 

Singapore's former foreign minister George Yeo agreed that transparency is of great importance to stakeholder trust. “To ensure fair competition, transparency and capability, the NYDC will use the Swiss Challenge method, an international competitive bidding process for awarding a contract,” he said.

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