Myanmar, China desire to implement Kyaukphyu SEZ as soonest
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Khit/ Yoon (NP News) - Aug 8
According to an inquiry by The NP News, a Kyaukphyu local businessman indicated that both Myanmar and China are keen to implement the Kyaukphyu Special Economic Zone as soon as possible.
Myanmar is currently working to finalize preparations to launch the SEZ by November, while China has expressed its readiness to commence the project as soon as possible.
“In November, the Naypyidaw government directed that Myanmar complete all necessary actions to commence the Kyaukphyu SEZ. The Chinese government desires stability in Myanmar. Being a neighboring country and a crucial economic route, instability would hinder progress. To ensure stability, both the government and the people are cooperating. Given the recent incidents in Lashio and the northeast, more efforts are being made. There is also a desire to implement these measures as quickly as possible,” U Nyein Chan Maung, Chairman of the Kyauk Phyu District Native Ethnic Development Association and Kyauk Phyu District Native Ethnic Development Public Co., Ltd said.
He expressed it during the event of donating educational materials to the Kyaukphyu residents that took place in Yangon on 30 July.
A total of 4,800 acres of land will be used for the Kyaukphyu SEZ project. Of this, nearly 1,000 acres will be purchased from Kyaukphyu residents. Therefore, the state is currently addressing land compensation issues.
In December 2023, the State Administration Council (SAC) entered into the addendum for the Kyaukphyu SEZ with China for its development of it.
To initiate the project, the Kyaukphyu SEZ Management Committee and the Kyaukphyu SEZ Deep Sea Port Company, a Myanmar-China joint venture, signed a business license agreement in November 2020.
Deputy Managing Director of the CITIC Group (Myanmar) Co Ltd Mr. Ma Chuanfu said in June when the 70thAnniversary of Five Principles of Peaceful Coexistence was convened in Yangon’s Chinese Cultural Centre that, “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.”