Myanmar’s Thilawa industrial park, currently celebrating its third year in business, has reported attracting almost $1bn in foreign investment from 78 companies across 16 countries. US manufacturer Ball Corp, South Korean CJ Group and Thailand’s Millcon Steel are among the companies occupying the 400-hectare property. Despite scepticism toward the project at its start, 94% of its lots are now filled, representing an “unprecedented speed” of progress in South Asia, officials at Myanmar Japan Thilawa Development reported.
A private-public partnership between Myanmar and Japan, Thilawa is the country’s first modern industrial park. Foreign investor interest has increased notably following the easing of US sanctions in May following Myanmar’s 2015 elections and a smooth transition of power to its democratic opposition party.
Global consulting firm McKinsey reported that Myanmar could attract as much as $100bn in FDI by 2030 if it spends enough to reach its economic growth potential.