Myanmar and China are planning to sign MoUs in relation to Kyaukphyu SEZ and border economic cooperation during Chinese President Xi Jinping’s visit to Myanmar, said Aung Htoo, Deputy Minister for Commerce on January 9.
“Both sides will sign MoUs to organize DG level joint committee, border economic cooperation and Kyaukphyu SEZ. There are seven agreements under the framework agreement for the Kyaukphyu SEZ. During Xi’s trip, two of these will be signed, including a concessional agreement,” said the deputy minister.
He said the EIA and SIA works are started after a framework agreement for the Kyaukphyu SEZ was signed and the agreement to build a deep seaport will be implemented. Both sides will also discuss in concerned with the industrial zone.
“We have to re-estimate the investment amount in details and at first; we expected it will be US$7 billion for the whole project. The deep seaport will cost over US$1 billion and the construction work is begun,” said Aung Htoo.
He continued both sides will sign agreements on agriculture, broken rice export, cattle export and tissue culture bananas export. It is like Myanmar is trying to catch up with the standardization set by China instead of reducing barriers in trade.
