China's CITIC to build Myanmar's huge Kyaukphyu Deep Seaport, first phase to cost US$1.3 bln

A jetty in Kyaukphyu, Rakhine State.

YANGON, Feb 17 (Eleven Media Group/ANN) -- The planned multi-billion dollar Kyaukphyu Deep Seaport project will be developed with the contribution of 70 per cent by the China International Trust and Investment Corporation Consortium (CITIC) and 30 per cent by Myanmar, said Deputy Commerce Minister U Aung Htoo on Feb 16.

According to the notification issued by Myanmar Economic Zones Central Committee dated 29 February, 2015, the project has a total area of 4289.32 acres—607.88 acres for the deep seaport project, 2446.07 acres for the industrial zone project and 1235.37 acres for the advanced housing project.

A framework agreement was signed by Kyaukphyu Special Economic Zone Management Committee and the CITIC Consortium from China in Nay Pyi Taw on 8 November, 2018. The agreements pertaining to Kyaukphyu Special Economic Zone Project and Deep Sea Port Project were signed. On 18 January, 2020, both sides exchanged the MoUs.

Both projects will be developed by the CITIC Consortium and Myanmar-Kyaukphyu Special Economic Zone Holdings Groups of Company composed of 42 local private companies from Myanmar

Deputy Commerce Minister U Aung Htoo disclosed this information in reply to the question raised by MP U Khin Cho from Hlaingbwe Constituency at the 15th regular session of Lower House Parliament.

Union Minister for Commerce Dr. Than Myint, who is also the chair of Myanmar Special Economic Zones Central Working Body, said: “The first phase of the project is expected to cost around 1.3 billion US dollars. Plan is under way to continue implementing the project if two projects can cover operation costs. We have reached an agreement with China over the plan.”