YANGON, Sept. 25 (Xinhua) -- Myanmar authorities have warned that undeveloped land plots in industrial zones in Yangon region could be confiscated, saying that unless concrete reasons are provided, the industrial business would be revoked.
According to the Yangon City Development Committee Wednesday, there are 29 industrial zones in Yangon region and about 60 percent of the plots are being utilized, while the rest remain undeveloped with only warehouses and fencing built.
Under the Industrial Zone Bill amended by the parliament early this month, businessmen, who hold plots in industrial zones and leave them unused, are to seek approval from the authority by forwarding their plans within six months and if they fail to complete the project within two years, the plots will be seized by the respective industrial zone committee but 50 percent of the land's value will be reimbursed to them.
Additionally, under the bill, business owners can face a maximum sentence of three years' imprisonment if they violate the rules.
The 29 existing industrial zones in Yangon account for 53 percent of the total industrial zones in the country.
Meanwhile, Myanmar has laid out a new urban development project of Yangon region, inviting local and foreign entrepreneurs to invest in the master plan.
The Yangon Region Investment Committee outlined that sub-centers, new towns, railway stations and industrial zones will be established as part of the plan.
Yangon region accounts for 23 percent of the gross domestic product of the country, growing at an average of 9.2 percent year-on-year.
The region also takes up 85 percent of the total foreign trade having attracted a total of 20.2 billion U.S. dollars' foreign investment from 845 enterprises up to the fiscal year 2017-2018 since 1988-1989.
The region is predicted to have its population increase to 10 million by 2030 while it is currently home to 7 million people.
