Myan­mar to reap greater re­wards in deep-sea­port de­vel­op­ment project

Mizzima Business Weekly - - IN FOCUS -

Myan­mar is set to re­ceive a greater amount of the profit-shar­ing in a $7.2 bil­lion deep-sea port de­vel­op­ment project in the town of Kyauk­phyu in west­ern Rakhine state, though ne­go­ti­a­tions with the main Chi­nese in­vestor are on­go­ing, RFA re­ported on 24 Oc­to­ber quot­ing a com­merce min­istry of­fi­cial. A con­sor­tium led by CITIC Group Cor­po­ra­tion Ltd., China’s state-owned in­vest­ment com­pany, is ne­go­ti­at­ing the profit-shar­ing deal with Myan­mar of­fi­cials for the deep-sea port, which is part of two de­vel­op­ment ini­tia­tives that also in­clude an in­dus­trial park for a spe­cial eco­nomic zone and res­i­den­tial con­do­mini­ums on 4,200 acres of land in Kyauk­phyu, Ram­ree, and Manaung town­ships. The Myan­mar gov­ern­ment awarded CITIC the ten­ders for both projects in 2015, the re­port said.

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