China-Backed Venture Proposes $800M Development Near Kyaukphyu Seaport
A Chinese petrochemical giant and a Myanmar firm have jointly proposed to the Rakhine State government the development of nearly US$800 million (1.21 trillion kyats) worth of projects near the Kyaukphyu Special Economic Zone (SEZ)’s deep seaport and Ramree Island.
The centerpiece of the proposal is a new logistics terminal on Maday Island situated 10 kilometers east of Kyaukphyu to support the deep seaport project. It also includes a project in Za Yet Pyin Village on Ramree Island called the Sea View Beach, 40 kilometers south of Kyaukphyu District, as well as a US$5 million fishery in the Than Zit River.
Myanmar Bright Prospect International Logistics (MBPIL) held a meeting with Rakhine State Chief Minister U Nyi Pu, which was also attended by several state cabinet members, in Sittwe on June 28. During the meeting, U Ding Ying laid out MBPIL’s plans, including an estimated budget for each project, to the cabinet members, the minister said. MBPIL is joint venture (JV) company established by Chinese firm Yunnan Baoshan Hengyi Industry Group and Myanmar firm Delco. MBPIL officially registered as a foreign company with the Directorate of Investment and Company Administration (DICA) in April 2019.
Source: The Irrawaddy
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