Myanmar is offering zone-wise tax exemption to entrepreneurs investing in a New Yangon City Project, aimed at attracting more investors to the city expansion project being implemented on lands to the west of Yangon River, according to the Myanmar Investment Commission.

The new Yangon city project is being implemented by the New Yangon Development Company (NYDC), which is fully owned by the Yangon region government. Phase-1 of the project dealing with infrastructural development and costing over 1.5 billion U.S. dollars, will cover construction of five townships, two bridges, a 26-km-long arterial road, 10 square-kilometer industrial zone , electric power generation factory and facilities, and water treatment plants.

The new Yangon development project is based on recommendations from urban development plan drawn up by international and foreign entities, said the Yangon region government. The region accounts for 26 percent of the country’s gross domestic product in 2016 as estimated.

Source Credit: China.org
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