Index Creative Village, the country's largest event organiser, has joined hands with Forever Group, a Myanmar media company, to build Yangon's biggest event park.
Forever will contribute the majority of the 200-million-baht investment while Index will pay for marketing activities.
Forever was granted a three-year lease contract for a plot in Yangon, renewable every three years, by the Myanmar government.
Kreingkrai Kanjanapokin, co-chief executive of Index Creative Village, said the Myanmar Event Park comprises three zones _ the main hall (6,000 square metres), outdoor space (2,800 sq m) and a multipurpose green park (3,600 sq m).
The venue can accommodate multi-purpose events including concerts up to 15,000 people and exhibitions up to 30,000 people. Its facilities include a parking space for 500 cars and a 300-seat food centre.
Myanmar offers many lucrative business opportunities, particularly in the energy and tourism sectors. Its gross domestic product grew by 6.7% last year and the strong momentum will continue for more than three years.
To support their investments, foreign brands need to conduct marketing and related activities in the country.
There are only four big event halls in Myanmar, such as the 3,425-sq-m Myanmar Convention Center and Tatmadaw Exhibition Hall in Yangon, as well as the 312,000-sq-m Myanmar International Convention Center in Nay Pyi Daw.
These venues are not suitable for big events such as concerts, exhibitions and trade fairs, which need big halls for entertainment and marketing activities.
The first phase of the multipurpose green park is under construction and is due to be completed by the end of this year. It has already been reserved for Index's own events during the winter festival, Mr Kreingkrai said.
The winter festival will be a soft launch to build awareness for Myanmar Event Park, which will be opened at the same time the SEA Games 2013 is organised in Nay Pyi Daw. The full-scale event park will begin service in the first quarter of next year.
The venue will generate 80 million baht in revenue in the first year and break even within three years.
Index aims to generate 100 million baht in revenue from business in Myanmar this year.