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Myanmar in talks over port project with China consortium

Myanmar in talks over port project with China consortium

YANGON : Myanmar is negotiating with a Chinese consortium to develop a strategic deep-sea port in western Rakhine state as part of the planned special economic zone in the region, according to a report of the state-run Global New Light of Myanmar newspaper yesterday.

The negotiation between Myanmar’s Commerce Ministry and the China International Trust and Investment Corporation (Citic) is expected to reach an agreement soon.

The Kyaukphyu deep-sea port project represents part of the economic corridor of China’s Belt and Road Initiative and the two countries are approaching this in a way to ensure it becomes a win-win situation all round, said Myanmar Minister of Commerce Than Myint.