Myanmar's vice president opened on Wednesday a $1.5 billion manufacturing complex aimed at luring investment and creating jobs, showcasing government work on developing the economy in the run-up to a general election. Vice President Nyan Tun, a close ally of President Thein Sein, unveiled the first phase of the 2,400-hectare (5,900-acre) Thilawa Special Economic Zone at a ceremony at the site, an hour's drive from the commercial capital of Yangon.
The plan is for the zone eventually to host about 100 factories employing more than 40,000 people. "I personally take this moment as dream comes true," Nyan Tun said at the opening ceremony. The project has been backed by the Japanese government and its trading houses, including Mitsubishi Corp, Marubeni Corp and Sumitomo Corp as well as the Japan International Cooperation Agency.
Nyan Tun said the zone would boost Myanmar's ties with Japan. The project's opening will also likely boost Thein Sein's ruling Union Solidarity and Development Party as it ramps up its campaign ahead of Myanmar's first general elections since the end of military rule, on November 8. The military-backed party has centred its campaign on showcasing investment, economic growth and reforms under the semi-civilian government it has led since reforms began in 2011.