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Kyaukphyu port: What happens next?

After more than two years of negotiations, the Myanmar government and China’s state-owned CITIC Group signed the framework agreement for the proposed US$1.3 billion deep-sea port in Kyaukphyu on November 8. At the press conference, CITIC chair Chang Zhenming said this meant “the beginning of further steps”. “Signing this agreement is the starting step for […]

Myanmar agrees smaller deal for China-backed port after ‘debt-trap’ concern

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

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%

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

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

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

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 […]

ICBC to become major BRI financier in Myanmar

The Industrial and Commercial Bank of China (ICBC) will position itself as the main financial services provider for all projects under China’s ambitious Belt and Road Initiative (BRI), Hong Laing, Chinese ambassador to Myanmar, said at the two-year anniversary ceremony of ICBC Yangon on October 21. The BRI is a huge project backed by the […]

Golden City opens grade-A office tower in Yankin

Golden City officially opened Golden City Business Center (GCBC),which is a four-storey office tower in Yankin township, Yangon, on October 17. The development has a net leasable area of around 150, 000 sq ft. Office rooms of around 1,044 sq ft to 12,755 sq ft in size are available for long term leases. Golden City […]

Belt and Road, Kaladan and the future of Rakhine’s economy

THE economy in the resource-rich Rakhine State is throttled by the crisis as well as the accompanying international backlash, dashing any hope of massive foreign investment in the near future. In the meantime, local communities in Kyaukphyu have demanded the stake ratio of the proposed Kyaukphyu port to be restructured so as to allow a […]