The signing ceremony of the additional contract (Addendum) related to the Kyaukpyu Special Economic Zone deep sea port project was held on the evening of December 26 at the Horizon Lake View Hotel in Nay Pyi Taw.

The signing ceremony was attended by Deputy Prime Minister and Union Minister of Transport and Communications General Mya Tun Oo, Chairman of the Central Working Group of Myanmar Special Economic Zone Union Cabinet Office Ministry (1) Union Minister U Aung Naing Oo and Union Ministers, Deputy Ministers and officials, Chargé d'affaires of the Chinese Embassy in Myanmar Ms. Cao Jing, China CITIC Group Chairman Mr. Xi Guohua and officials.

"Myanmar and China are neighboring countries that share a border that is more than two thousand kilometers long. We all know that there has been a very close kinship relationship for centuries. During the 70 years of Myanmar-China diplomatic relations, political mutual trust between the two countries has deepened and friendship has also strengthened. Bilateral trade and cooperation in economic sectors such as investment will also be seen. The China-Myanmar Economic Corridor (CMEC) is a 1,700-kilometer long project that connects Kunming in China's Yunnan Province through Mandalay in central Myanmar to Kyaukpyu, which is the sea exit to the west,'' Deputy Prime Minister and Union Minister General Mya Tun Oo said in his opening speech.

Then the Union Minister U Aung Naing Oo, Chairman of the Central Working Group of Myanmar Special Economic Zone and Union Government Office Ministry (1) and Ms. Cao Jing, Chargé d'affaires of the Chinese embassy in Myanmar, and Mr. Xi Guohua, president of China CITIC Group delivered the ceremonial speeches.

After that, officials from Myanmar and China signed the Addendum regarding the Kyaukpyu Special Economic Zone deep sea port project in front of witnesses.

In November 2020, a concession agreement was signed between the Kyaukpyu Special Economic Zone Management Committee and the Kyaukpyu Special Economic Zone Deep Sea Port Company Limited (the project company), a Myanmar-China joint venture, for the implementation of the Kyaukpyu Special Economic Zone Deep Sea Port Project.

In order to promptly implement the project, some of the information in the contract needs to be defined more clearly, the two sides held consultations for the powers and responsibilities of both Myanmar and China and with the need for a clearer and more accurate understanding of the previous business agreement. According to the negotiations, an addendum was signed between the chairman of the Kyaukpyu Special Economic Zone Management Committee and the official representative of the Kyaukpyu Special Economic Zone Deep Sea Port Company Limited.

The Kyaukpyu Special Economic Zone Deep Sea Port Project is a large-scale infrastructure development project invested by China and Myanmar. In this project, Myanmar has a 30 percent share and China has a 70 percent share.

The Kyaukpyu Deep Sea Port project will be implemented in four phases, and with 10 jetties, it is planned to receive seven million TEU containers of cargo annually. If the project is completed successfully, it will be able to stand as Myanmar's first international level deep sea port.