Myanmar and China will finalize the negotiation on the development of Kyaukphyu Deep Seaport Project during this year, said Dr. Than Myint, Union Minister for Commerce and Chair of the Central Working Committee for the Special Economic Zone.
“After the Kyaukphyu Deep Seaport Project, the negotiation on the industrial park project will follow. The discussion on the Kyaukphyu project is going to be finalized soon,” he added.
According to the investment ratio, the first phase of the Kyaukphyu Deep Seaport Project will be implemented with a total investment of 1.3 billion USD. In the past, 7.3 billion USD was earmarked for the project as it included two big jetties. One big jetty includes six small jetties while other one covers four small jetties. Now the number of small jetties will be decreased to two. After the construction of two wards, the project will continue if operation costs are ok. Based on the Economic of Scale, the project will continue. Myanmar has reached an agreement with China on that point. We will implement the projects step by step,” he continued.
In the past, the investment ratio for the Kyaukphyu Deep Sea Port Project between the CITIC and Myanmar was 85:15. In the time of incumbent government, the investment ratio between the CITIC and Myanmar becomes 70 to 30. Myanmar owns a 30-per-cent state—15 per cent by the government and the rest by the public company, he said.
