Myanmar authorities are still negotiating with Chinese consortium on deep sea port project in Kyaukphyu, western Rakhine State

Myanmar is negotiating with a Chinese consortium to carry out a strategic deep-sea port in Kyaukphyu, western Rakhine state, as part of the planned special economic zone (SEZ) in the region, according to a report of the official Global New Light of Myanmar Sunday.

The negotiation between Myanmar's Commerce Ministry and the China International Trust and Investment Corporation (CITIC) is expected to reach an agreement soon.

Kyaukphyu deep-sea port project represents part of the economic corridor of China's Belt and Road Initiative and the two countries are approaching this in a way to ensure it become a win-win situation all round, said Myanmar Minister of Commerce Dr. Than Myint. 

The sea-port project will bring about the development of Rakhine state, the emergence of job opportunities for local people and the development of the country, he said.

A consortium of six group companies, led by China's CITIC, won tender in December 2015 for the implementation of two projects -- an industrial park and a deep sea port on 1,737 hectares of land, two of the three components of the project of the Kyaukphyu Special Economic Zone (SEZ).

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