YANGON, Aug. 13 (Xinhua) -- Myanmar's Yangon regional government will cooperate with a South Korea-based Myanmar Wooree Company in developing Yangon region, the official Global New Light of Myanmar reported Monday.

Under a memorandum of understanding signed between the two sides in Yangon on the weekend, the industrial development project area lies on the west bank of the Yangon River and near the ongoing project area of the Yangon-Dala Bridge, which is a friendship bridge between Myanmar and South Korea.

Yangon Region Chief Minister U Phyo Min Thein said the bridge will benefit the industrial zone area implemented by the South Korean company and bring economic development to the region.

In addition, Yangon Port is being extended to the mouth of Yangon River, he said.

Meanwhile, the Yangon region government has also formed a new firm of its own to draw up a roadmap to undertake expansion of the financial center to make it a business-friendly and livable city.

The southwest new town project, which is part of the new urban development project, is being planned on the west of the Yangon River and south of the Panhlaing River to the river mouth.

The project covers around 15 percent of the Yangon region and is designed to create massive job opportunities for some 2 million people.

In addition to the Southwest new town, other new towns are also planned for Thilawa, Dagon East and Dala.

Yangon region currently has about 7.4 million population, which is projected to reach 10 million in the next 10 years.

The region accounts for 26 percent of Myanmar's GDP in 2016 as estimated.