Myanmar talks with CITIC group on deep-sea port
MYANMAR is negotiating with a Chinese consortium to carry out a strategic deepsea port in Kyaukphyu, western Rakhine state, as part of the planned special economic zone in the region, according to a report of the official Global New Light of Myanmar yesterday.
The negotiation between Myanmar’s Commerce Ministry and the China International Trust and Investment Corporation is expected to reach an agreement soon.
Kyaukphyu deep-sea port project represents part of the economic corridor of China’s Belt and Road Initiative and the two countries are approaching this in a way to ensure it becomes a win-win situation all round, said Myanmar Minister of Commerce Than Myint.
The sea-port project will bring about the development of Rakhine state, emerging job opportunities and the development of the country, he said.
A consortium of six group companies, led by China’s CITIC, won a tender in December 2015 for the implementation of two projects — an industrial park and a deep-sea port on 1,737 hectares of land, two of the three components of the project of the Kyaukphyu Special Economic Zone.
The CITIC consortium also comprises China Harbor Engineering Company, China Merchants Holdings (International) Co, TEDA Investment Holding and Yunnan Construction Engineering Group as well as Thailand’s Charoen Pokphand Group Company.
The CITIC consortium will form project joint ventures together with Myanmar local enterprises for the construction and operation of the two projects which will be implemented under the framework of the “Myanmar Special Economic Zone Law” promulgated by Myanmar government in 2014.
The deep-sea port project consists of the MADE Island Terminal and YANBYE Island Terminal, with a total of 10 berths. It also includes the road and bridge connecting the industrial park and deep-sea port. The deep-sea port project will be built in four phases over 20 years.
After the completion of project, the expected annual capacity of the deepsea port will be 7.8 million tons of bulk cargo and 4.9 million TEU containers.