MoU signed in Rakhine for mega projects

SITTWE – With the aim of implementing three mega projects for regional development in Rakhine State, a memorandum of understanding (MoU) has been signed between the Rakhine State Government Committee and private companies on October 30.

The mega projects are construction of Kanyinchaung trade zone on Maungdaw Township, development of Manaung Island and construction of Ngapali International Golf Club.

“We signed agreement with three companies on October 30h aiming for development of Manaung Island, implementation of trade zone and the upgrading of Ngapali golf club to meet international standards,” said Kyaw Aye Thein, Minister of Finance, Planning and Commerce from Rakhine State Government Committee.

“For the implementation of Kanyinchaung Zone, we are going to do trading as first phase. In second phase, cold storage and foreign import projects will be carried out.

“For profit, the Rakhine State Government Committee will invest 65 per cent and the companies also invest 35 per cent in the projects. The profit will be shared accordingly. I think there are seven companies investing in the projects. The implementation steps will be launched soon.”

The entrepreneurs held a discussion about socio-economic development projects in Rakhine State on October 29, and they exchanged views about the future prosperity of Kanyinchaung economic zone.

Kyaw Win, Union Minister of Planning and Finance, also attended the discussion.

The Kanyinchaung economic zone is situated about 2 miles from Kanyinchaung deep sea port in the northern part of Maungdaw Township. The port was constructed under the previous government, with investment of K1 billion in cooperation with the Rakhine State Government Committee and private companies.

Kanyinchaung jetty can dock over 400 tonnes of vessels any time.

Construction works at Kanyinchaung trade zone was launched on November 1, 2015, and it was aimed at the emerging dealers market, according to Aung Myint Thein, Chairman of Maungdaw Border Traders Association.

Source: Eleven Myanmar

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