Myanmar, CITIC discuss Kyaukpyu SEZ Deep Seaport

   

A second coordination meeting on the conditions precedent that must be fulfilled by both Myanmar and CITIC for the successful implementation of the Kyaukpyu Special Economic Zone deep seaport project was held yesterday at Meeting Hall 1 of the Ministry of Commerce in Nay Pyi Taw.

At the meeting, Dr Kan Zaw, Chairman of the Myanmar Special Economic Zone Central Working Committee and Union Minister for Investment and Foreign Economic Relations stated that the concession agreement was made in 2020 between the Kyaukphyu Special Economic Zone Management Committee and the Kyaukpyu SEZ Deep Seaport Co Ltd, a subsidiary of China’s CITIC Group. The addendum to the concession agreement was signed in 2023, extending the Long Stop Date by 18 months.

He added that the extended long stop date will expire in June and it needs to complete the work before the expiration date.

Similarly, Union Minister for Commerce U Tun Ohn, who is also Vice-Chairman of the Myanmar Special Economic Zone Central Working Committee said as outlined in the Shareholders’ Agreement for the Kyaukpyu Special Economic Zone deep seaport project, 10 conditions to be implemented by Myanmar and four to be implemented jointly by both Myanmar and China must be completed within the specified period. He also added that the relevant departments also need to complete the work by setting a timeline before the end of the extended timeline.

Afterwards, the deputy minister, chairman of Kyaukpyu Special Economic Zone Management Committee and attendees discussed the conditions precedent that must be met by both parties and work completion.

After hearing the reports, the Union minister concluded the meeting.

MNA/KTZH

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