Precision Auto Engineering Company from India will start building a small-scale motor vehicle assembly plant at Myawaddy Border Trade Industrial Zone within this year as the first foreign investment that entered the Karen (Kayin) State within over two year’s term of the existing government.
U Naing Win Toe, director of the Karen State Directorate of Investment and Company Administration, said job opportunities will be offered to over 200 workers from the state in May 2019.
The state investment commission allowed the investment on May 17 and the company will invest US$1.4 million.
Construction of the assembly plant will be completed in 2019 and the company will receive seven-year tax exemption. It will produce over 7,000 motorcycles, 600 three-wheel vehicles, and 1,200 eco-cars within a year.
The vehicles will be assembled for sale in the local market under Bajaj brand. A motorcycle will be sold for Ks 2.5 million, three-wheel vehicle for Ks 3.3 million, and eco-car for Ks 4 million.
Three foreign investments have been made in the Karen State between the 1990s to March this year.
