and Myanmar on principle agree to renegotiate the deep sea port project in
Kyauk Phyu which may cost USD 1.3 billion.
is learned that the junta leader Min Aung Hlaing has agreed to discuss and
negotiate the contracts signed by the governments of China and Myanmar,"
said a BETV Business report.
part of BRI, China's Modern Silk Road (one belt and one route), the initiative
comprises Kyauk Phyu Special Economic Zone, deep sea port and residential
complexes. The deep sea port project has already launched.
local social activists allege that the China's project will not be useful for
Rakhine people, rather it will affect their livelihood and development.
"The current project may cause
damages to the local environment. The previous Chinese projects (gas and oil pipelines) also harmed the
local residents. They are not given any opportunities from the Chinese
projects,” said a local youth.
to previous agreements, $1.3 billion was planned for using in the project,
where the Chinese government owned CITIC group owns 70 percent stakes and the
rest belong to Myanmar government.
framework agreement of the project was signed in November 2018. The
shareholders' agreement and concession agreement were signed in January and
Beijing authorities will build the deep sea ports for Kyauk Phyu Special
Economic Zone where one will be 2,500 meter wide on Maday island and another
1,500 meter wide on Rambree island.
Dear our beloved audience,
Narinjara News needs your help.
Your support is key to our sustainability
as a free, fair, and responsible media source. DONATE NOW