Korea Industrial Complex Company from South Korea and Famsun Agriculture Industry Zone Company from China met with the Mon State government to request for permission to invest in the Sittaung paper mill in Thein Zayat Village in Kyaikhto Township, Mon State, according to the Mon State Minister of Pa-O Affairs Daw San Win Khine.
The state minister said Korea Industrial Complex Company met with the Mon State government on the last week of February and Famsun Agriculture Industry Zone Company came to meet with the Mon State government on the first week of March.
Both companies have shown great interest in investing in the Sittaung paper mill and explained their plans to the Mon State government.
“The state chief minister has said that the first company to make the offer will get the opportunity. He is unable to decide since both companies have made the offer so he will submit it to the union [government]. If the union [government] agrees, a tender will be invited. [The company] that wins the tender will get [the right for investement],” said Daw San Wint Khine.
She added that she wants former employees of the Sittaung paper mill to get their jobs back quickly.
On November 11, 2017, Shwe Thanlwin Company Limited announced that it was shutting down the paper mill after receiving permission from the Mon State government to transfer the site of 698.42 acres of the Sittaung paper mill along with the buildings, machine equipment, power sub-stations, transformers, water supply factory and related equipment, staff housing (Padamya Ward) and Ks 464.501 million for 9.930 acres of raw material plantation owned by the state government back to the state government.
The No.1 Sittaung paper mill was the first paper and pulp mill in Myanmar. It was built under an economic and technical cooperation between Myanmar and China in 1961 and it started running in 1970-1971.
The Sittaung paper mill was transferred to Shwe Thanlwin in 2011 after it was run for 40 years.
