MoU for Kyaukphyu SEZ to be Finalized in September

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 70 percent and Myanmar Government 30 percent.

“It is more reasonable to implement the zone on a sector basis with fewer investment amounts and implementation will go step by step. Both sides have agreed on that. So, we will reach MoU likely in September since we have agreed on profit ratio under framework agreement,’’ Dr. Than Myint, Union Minister of the Ministry of Commerce, said.

“First, the ministry will ink the framework agreement which both parties have agreed; then we will sign the MoU,” said, U Yan Naing Tun, Permanent Secretary of the Ministry of Commerce.

Kyaukphu Deep Sea port, when finished, will provide access to China’s landlocked provinces such as Yunan and allow other areas access to the sea.

The port project will be included in China-Myanmar Economic Corridor, which is part of China’s ambitious One Belt One Road project covering over 100 countries around the world and Myanmar has committed to be part of the project.

Local people, however, said that land issues between the company and local people are yet to be settled.

SOURCE: MYANMAR BUSINESS TODAY

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