China to build port in Myan­mar

Mid Day - - World -

BEI­JING: China will de­velop a multi-bil­lion-dol­lar deep sea port in Myan­mar’s Kyaukpyu town along the Bay of Ben­gal. Un­der China’s Belt and Road project, the deal was signed on Thurs­day after years of stalled talks over the fi­nanc­ing of the project. Myan­mar has grown wary of Chi­nese in­vest­ment and has down­sized some of its projects in the coun­try. It also, on Fri­day, signed agree­ments on the pro­mo­tion and pro­tec­tion of in­vest­ment with 10 other coun­tries to en­hance trust among in­vestors.

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