Implementation of Kyaukpyu SEZ, Deep Sea Port Project to be accelerated
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Hsu (NP News) – Dec 27
Union Minister Aung Naing Oo notified that Kyaukpyu Special Economic Zone – KP SEZ, a mega infrastructure development project a joint bilateral project between Myanmar and China, will be implemented as soon as possible.
Chairman of the Central Working Committee for Myanmar Special Economic Zones and Union Minister for Union Government Office 1, U Aung Naing Oo, made this statement during the signing ceremony of the Addendum to the Concession Agreement for the deep seaport project in the KP SEZ, held in Naypyidaw on 26 December.
The Union Minister emphasized that the project is a large-scale infrastructure development initiative, with joint investments from the Myanmar side (holding 30% equity) and the China side (holding 70% equity). Upon completion, it is going to be Myanmar's leading international deep-sea port, functioning as a central logistics hub that links Asia, Africa, and Europe, and serving as a gateway to the global market by promoting socio-economic sector of the local people.
The Union Minister additionally highlighted that the project will benefit Kyaukpyu residents by generating employment opportunities and enhancing the socio-economic well-being of people in Rakhine.
The project will be implemented in four phases, involving the construction of a total of 10 berths and achieving a design capacity of seven million TEU, as stated by the Union Minister.
It has been reported that to facilitate the progress of the Kyaukphyu Deep Sea Port Project, a Concession Agreement was signed in November 2020 between the KP SEZ Management Committee and the Myanmar-China joint venture company, known as the Kyaukphyu Special Economic Zone Deep Seaport Company Limited.
Upon project implementation, thousands of job opportunities will arise, with a focus on appointing Myanmar citizens to key management positions within the various sectors of the project.
Similarly, for future operations, both local and international partners will be invited to contribute, and the project will make annual CSR contributions. This approach aims to foster social development and bring about positive benefits.
The Union Minister also mentioned, "Regarding the project, one million USD will be contributed by the related company for CSR during the first five years. Consequently, a total of five million USD will be allocated annually for CSR throughout the operational period."
The industrial complex will run concurrently with the deep-sea port project, to generate job opportunities for the local population. This initiative aims to foster the development of both upstream and downstream businesses, thereby contributing to the increase of individual citizens' GDP.
Zawgyi Version;
Implementation of Kyaukpyu SEZ, Deep Sea Port Project to be accelerated
Hsu (NP News) – Dec 27
Union Minister Aung Naing Oo notified that Kyaukpyu Special Economic Zone – KP SEZ, a mega infrastructure development project a joint bilateral project between Myanmar and China, will be implemented as soon as possible.
Chairman of the Central Working Committee for Myanmar Special Economic Zones and Union Minister for Union Government Office 1, U Aung Naing Oo, made this statement during the signing ceremony of the Addendum to the Concession Agreement for the deep seaport project in the KP SEZ, held in Naypyidaw on 26 December.
The Union Minister emphasized that the project is a large-scale infrastructure development initiative, with joint investments from the Myanmar side (holding 30% equity) and the China side (holding 70% equity). Upon completion, it is going to be Myanmar's leading international deep-sea port, functioning as a central logistics hub that links Asia, Africa, and Europe, and serving as a gateway to the global market by promoting socio-economic sector of the local people.
The Union Minister additionally highlighted that the project will benefit Kyaukpyu residents by generating employment opportunities and enhancing the socio-economic well-being of people in Rakhine.
The project will be implemented in four phases, involving the construction of a total of 10 berths and achieving a design capacity of seven million TEU, as stated by the Union Minister.
It has been reported that to facilitate the progress of the Kyaukphyu Deep Sea Port Project, a Concession Agreement was signed in November 2020 between the KP SEZ Management Committee and the Myanmar-China joint venture company, known as the Kyaukphyu Special Economic Zone Deep Seaport Company Limited.
Upon project implementation, thousands of job opportunities will arise, with a focus on appointing Myanmar citizens to key management positions within the various sectors of the project.
Similarly, for future operations, both local and international partners will be invited to contribute, and the project will make annual CSR contributions. This approach aims to foster social development and bring about positive benefits.
The Union Minister also mentioned, "Regarding the project, one million USD will be contributed by the related company for CSR during the first five years. Consequently, a total of five million USD will be allocated annually for CSR throughout the operational period."
The industrial complex will run concurrently with the deep-sea port project, to generate job opportunities for the local population. This initiative aims to foster the development of both upstream and downstream businesses, thereby contributing to the increase of individual citizens' GDP.