Myanmar government and CITIC plan to build Kyauk Phyu deep seaport which worth USD $ 1.3 billion

China’s CITIC consortium and the Myanmar government plan to build Kyauk Phyu Deep Sea Port with CITIC providing 70 percent of the funding needed and the remaining 30 percent to come from the government.
The two sides are in talks to invest $1.3 billion in the first phase of the project, according to recent remarks by Deputy Commerce Minister U Aung Htoo to the Pyithu Hluttaw.
CITIC and local consortium Myanmar Kyauk Phyu Special Economic Zone will invest $30 million in the industrial zone that forms part of the megaproject. CITIC will hold 51 percent of the project and Myanmar Kyauk Phyu 49 percent.
The economic zone will comprise a deep sea port on 607 acres, a 2,446-acre industrial zone and a 1,235-acre high-end housing project.
Myanmar special economic zones’ governing body first announced plans to build Kyaukphyu SEZ in 2015. It is preparing to call tender applications for a feasibility study, social impact assessments and geological surveys.
CITIC announced in July 2019 that it had hired Canadian firm HATCH to conduct environmental and social impact assessments (ESIA) for the deep sea port project.
The economic zone’s governing body and CITIC signed a framework agreement for the deep sea port on November 8, 2018 and have exchanged MoU on shareholding.

(Myanmar Business Today: https://mmbiztoday.com/govt-citic-in-talks-on-1-3-billion-kyauk-phyu-deep-sea-port/ )

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