Foreign projects in Rakhine conflict zone expected progress despite ongoing challenges
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Phyo (NP News) - Jan 28
Amid the political instability in Rakhine State, efforts have been made to move forward with projects in this crisis area. According to state media, a coordination meeting was held on January 21 to discuss the Conditions Precedent that must be fulfilled by both Myanmar and China International Trust and Investment Corporation (CITIC) in order to successfully implement the Kyaukphyu Special Economic Zone's deep-sea port project.
Dr. Kan Zaw, Union Minister for Investment and Foreign Economic Relations, stated that the Concession Agreement for the Kyaukphyu Special Economic Zone's deep-sea port project was signed with China’s CITIC Group on November 5, 2020. An addendum extending the Long Stop Date by 18 months to June 26, 2025, was signed on December 26, 2023. The aim is to complete the project by April 26, 2025, two months ahead of the new deadline. The meeting focused on ensuring collaboration among departments to meet these timelines. The Kyaukphyu project is one of the major foreign investments in the Rakhine conflict zone, and it has been acknowledged that efforts to move forward with the project have been consistently maintained despite the ongoing challenges in the region.
In addition, Indian Ambassador Mr. Abhay Thakur visited Sittwe, Rakhine State, to review and assess the ongoing implementation of the Kaladan River Project, according to a statement released by the Indian Embassy.
The Indian Embassy stated, “As part of reviewing the ongoing projects, Ambassador Abhay Thakur visited the Kaladan Port Project in Sittwe on January 16, accompanied by the Managing Director of India Ports Global Ltd (IPGL).”
Despite the ongoing crisis, the visit of these high officials to the project zone signals a positive potential for the development of foreign projects in the area. It reflects continued interest and effort in progressing such initiatives, even amid the challenges.