CITIC Myanmar affirms commitment to continuation of Kyaukphyu Project
460
Tun Mon Thet (NP News) - June 20
Deputy Managing Director of the CITIC Group (Myanmar) Co Ltd Mr. Ma Chuanfu has asserted the CITIC’s vow to advance the Kyaukphyu Project at the event commemorating the 70th Anniversary of the Initiation of Five Principles of Peaceful Coexistence.
The event was jointly organized by the China Foundation for Peace and Development (CFPD) and the Myanmar-China Communication and Cooperation Center (MCCCC) on 19 June at the Yangon Chinese Cultural Center.
Mr. Ma Chuanfu said, “The CITIC Myanmar remains committed to advancing the Kyaukphyu Project certainly and enhancing Corporate Social Responsibility actively. By this means, the CITIC will assist the socio-economic development of Kyaukphyu residents.”
Kyaukphyu Special Economic Zone and Deep Seaport Project has been reportedly planned by the State Peace and Development Council of Myanmar and the Chinese Government. The bilateral government signed a Memorandum of Understanding in President Thein Sein administration after the CITIC Group Myanmar won the tender following the approval passed by the Hluttaw in 2015.
The administration led by the National League for Democracy commenced in 2016 and progress was halted despite signing the Framework Agreement for the project between the two sides. Pro-west propagandists and anti-government groups highlighted the potentiality of the Chinese debt trap intending to shrink the project size in both infrastructure capacity and capital amount. Australian economist Sean Turnell, an alleged economic hitman, was the national economic advisor to the then-State Counselor Aung San Suu Kyi at that time.
Local businessmen in Kyaukphyu have recently reported that a total of 15,000 acres of land are projected to be used for the Kyaukphyu New City Project in Rakhine State. At present, the government approval on the land use has been waiting.
Reports also state that nearly 20 villages are located in the project area, and approximately 15,000 acres of vacant and virgin lands will also be used in the project in addition to the village lands.