Free Knowledge... From People... To People
Search by Date Myanmar Version Mobile Version
 Business NEWS
Updated on October 6, 2018 From Daily Eleven

China agrees to continue Kyaukpyu project based on results

The first phase of Kyaukpyu deep seaport project will be implemented with US$1.3 billion investment and China agreed to continue the project based on economic gains, said Dr Than Myint, Union Minister for Commerce and Chairman of Central Committee of Special Economic Zone.
        “The investment is US$1.3 billion for the first phase of the project. We initially intended to build two big ports here. One port has six wharfs and another port has four wharfs. The plan now is that we will first build two wharfs with an expected the cost of around US$1.3 billion. Two big ports will cost about US$7.3 billion. We will consider carrying on with the project after the first two wharfs are built. We will use them and see the results. China agreed to it. We will proceed step by step,” said Dr Than Myint.
        The framework agreement to develop the first phase of the deep seaport will be signed this year. Although Myanmar initially agreed to let 85 per cent of the project owned by China’s CITIC, it was renegotiated during the present government’s era. CITIC has now agreed to take 70 per cent of total share now, he said.
        The Kyaukpyu deep seaport can compete in storage of containers with Manila port in Philippines and Valencia port in Spain. The special economic zone, built along with the US$10 billion worth seaport, will start in this year. It has 4,200 acres in space and is expected to cost US$2.3 billion. It can attract industrial sectors such as oil refineries and garment factories, according to a report from Reuters. Sri Lanka handed over Hambantota port to China to pay off debt during this year, which had also alerted Myanmar on the need to be weary of a debt trap with China.
        “If the new agreement is made, the loan to implement the project will be included through the private sector. It cannot be tracked back to Myanmar government. At present, I am concentrating on Myanmar government to lessen its debt load,” said Sett Aung.

View Count : 397 | Posted by www.free4reader.com
 

~ Latest News ~

ASEAN Labour Ministers Meeting Adopts Three Vital Documents For The ASEAN Workers - Kula Segaran
Myanmar loses out on forex losses as domestic debt rises
Myanmar’s own Henry Ford
KPO plans to sell Honda Jet aircrafts in Myanmar
RGO47 set to ride on Myanmar’s e commerce boom
Central Bank greenlights corporate loans by foreign banks
Pope Jai spearheads hiring the disabled in S’Pore
Mineral Development Bank to provide loans to gems, mineral SMEs
Gems, jade stones put up for auction in Nay Pyi Taw
Jade traders call for WeChat ban
Ministry of Commerce Eyeing Mango Exports to the EU
Businesses positive over growth prospects
Rise in dollar rate, but drug prices remain low: MPMEEA chair
FATF to review Myanmar over money laundering concerns
Shwe Bite set to delight office workers with home-cooked food
Yangon hustle: the shadowy trade in gold and dollars
Masked man robs an online store in Yangon
Myanmar business organization calls on EU to deliberate on trade sanctions
AGD Bank Now Accepting EMVbased UnionPay Chip Card Transactions
Shwe Property’s Third Real Estate Expo Generated $28 Million USD
MRBEA to Implement Integrated Bamboo Industrial Zone
New Myanmar auto import policy announced
Myanmar-Singapore joint venture increases capital in aviation fuel import
Pigeon pea plantation acreage remarkably drops from uncertainty of India’s market
Rising demand for home loans could stabilise property market
Myanmar welcomes more investment from Hong Kong
Yoma Bank and MC Easy Microfinance sign two MMK 4 Billion Agreements
Counting on coffee for a strong boost in growth
Condos Yet to be Sold to Foreigners Despite New Law
Manufacturing sector attracts 60 foreign enterprises in past mini-budget period
Petroleum Traders Suggest Tax Changes to Bring Down Fuel Costs
Motorbike Sales Rise Due to Stronger Kyat Rate Against Chinese Yuan
Myanmar Outlines Challenges and Opportunities to Oxford Business Group
Suzuki launches new Swift, targets younger buyers
Rice export to China decreases due to wetness, arrests
Gold price rises above Ks1 million per tical in recent days
Singapore agency predicts a positive forecast for Myanmar economy
Myanmar Opens Five Pearl Farms for Tourists
Huawei unveils full-stack AI strategy, releases AI chips
Govt. calls for parking zone tenders
More News