First phase of Kanyinchaung Trade Zone almost complete

The first phase of the Kanyinchaung Trade Zone, which was begun in November 2015 with the aim of contributing to the economy of the Rakhine State, is almost complete, according to an official involving in developingthe zone.

The phase is being implemented with a total of Ks1 billion, including a Ks600 million budget allocation of the Union Government and Ks400 million investment of private entrepreneurs.

The government budget allocation is being spent on the construction of two jetties, the main building and the approach way to the jetties. Investments of the private entrepreneurs are being spent on construction of 20 rice storage facilities.
In the second phase of the project, the union government has appropriated Ks2.5 billion for fencing the zone and building a road, a security centre and public toilets.

In the third phase of the project in the 2017-18 fiscal year, power lines from the national grid and luxury hotels will be built.

“We have nine border gates in the entire country. Among them, the Maungtaw border gate is an export-oriented border gate, unlike Myawady and Muse. About 90 per cent of goods that go through the gate are export items and imports makes up of only 10 per cent of goods that go through the gate. The neighbouring country has a population of 160 million. The country has to import food from India and Pakistan. We should try our best to export our goods as much as possible,” said U Aung Myint Thein, the secretary of the trade zone development committee. The neighbouring country is a buyer market for Myanmar, but the Maungtaw Creek, which has been used as a major trade route, has silted up.

Another challenge has been the recent violent attacks in the state, which have their root in poverty, the secretary said.
“From an economic point of view, poverty and unemployment are the cause of violence. So, economic development is essential for the area,” he said.

Source: Global New Light of Myanmar

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