YANGON — A Chinese company has invited proposals by Feb. 8 to provide consultancy services and field investigations environmental and social impact assessments of its ambitious Kyaukphyu deep-sea port project in Rakhine State. The move brings the Belt and Road Initiative project – which would open Chinese access to the Indian Ocean – one step […]
Chinese Firm Opens Assessment Tender for Strategic Deep-Sea Port in Western Myanmar
February 2, 2021 by
Industrial zone in Kyaukphyu SEZ to be built at $30B
February 25, 2020 by
An industrial zone project within the Kyaukphyu Special Economic Zone (SEZ) in Rakhine State will be developed for US$30 billion, deputy commerce minister U Aung Htoo told Pyithu Hluttaw this week. CITIC Consortium from China owns 51 percent of the industrial zone while the Myanmar government owns 49pc, he said. The industrial zone will be […]
Chinese President’s Upcoming Visit Seen as Bid to Gain Myanmar Leaders’ Commitment on BRI Projects
January 13, 2020 by
YANGON—Chinese President Xi Jinping is reportedly planning to visit Myanmar late next week, in a trip many believe is aimed at sending a signal regarding the country’s importance to China’s strategic ambitions in the Indian Ocean, while shoring up support for Xi’s ambitious Belt and Road Initiative (BRI) among leaders in Myanmar, which is slated […]
Myanmar agrees smaller deal for China-backed port after ‘debt-trap’ concern
November 12, 2018 by
YANGON, Nov 8 (Reuters) – Myanmar on Thursday signed an agreement with China’s state-run CITIC Group to begin work on a deep-sea port in the west of the country, after negotiations that saw the initial phase of the project scaled back over fears of a “debt trap”. Myanmar Deputy Minister of Planning and Finance Set […]
China to hold 70% stake in Myanmar’s planned strategic seaport
October 16, 2018 by
Myanmar will hold a 30 percent stake in its strategic deep-water seaport project led by cash-rich China, giving Beijing a 70 percent interest, under their final agreement reached during recent talks between the two countries, according to a visiting senior Myanmar official. That is an improvement for the emerging Southeast Asian economy from the initially […]
Myanmar cuts cost of China-funded port project by 80%
October 1, 2018 by
YANGON — Myanmar has agreed to scale down a Chinese-led port project in the western state of Rakhine, slashing the initial price tag to $1.3 billion from $7.2 billion over concerns about excessive debt. The development is located in the special economic zone of Kyaukpyu, a natural harbor facing the Indian Ocean that is suited […]
MoU for Kyaukphyu SEZ to be Finalized in September
September 13, 2018 by
Ministry of Commerce is trying to finalize the MoU for Kyaukphu SEZ in Rakhine state in September of this year and will implement the zone sector by sector. Kyaukphyu Special Economic Zone Management Committee is in talk with China’s CITIC on the first stage framework agreement and the two parties have reached profit sharing ratio-CITIC […]
New Chair of Kyaukphyu SEZ Wary of Chinese Loans
July 18, 2018 by
YANGON — Myanmar will endeavor to take on no loans from China to complete the Kyaukphyu Special Economic Zone (SEZ) but would offer the developer no sovereign guarantees to mitigate risk if it does, said the project’s new chairman, seeking to allay fears of a debt trap. Sean Turnell, an economic adviser to State Counselor […]
Deputy Finance Minister Named New Chair of Kyaukphyu SEZ
July 17, 2018 by
YANGON — Deputy Planning and Finance Minister U Set Aung has been appointed chairman of the Kyaukphyu Special Economic Zone (SEZ) Management Committee amid the government’s ongoing efforts to renegotiate its agreement with the project’s Chinese developer to give Myanmar a larger stake. The appointment took effect on May 8 and was approved by Vice […]
