Date: January 11, 2024

Nay Pyi Taw: State Administration Council Vice Chairman and Deputy Prime Minister Vice Senior General Soe Win has emphasized the need for comprehensive efforts by officials to expedite the commencement of operations at the Kyauk Phyu Special Economic Zone, according to state media.

Vice Senior General Soe Win, who also serves as the Chairman of the Myanmar SEZ Central Committee, urged committee members to accelerate the project during their meeting yesterday in Nay Pyi Taw.

He also mentioned that, with an outlook toward the friendship between Myanmar and China, the Kyauk Phyu SEZ project will significantly contribute to the economic development of both countries.

Despite encountering challenges that resulted in project delays due to rigorous negotiations by the management committee over two years, the central committee conducted a comprehensive review based on the Win-Win principle. He elaborated that, ultimately, the Addendum to the Concession Agreement for the deep-sea port project was successfully signed on December 26, 2023.

The Vice Senior General also said that the Kyauk Phyu Project could be implemented at the fastest pace if the conditions precedent were carried out systematically and swiftly during the 18-month extended period of the Long Stop Date.

The implementation of this project would provide enhanced employment opportunities for local residents, and the emergence of skilled workers could further contribute to the development of other Special Economic Zones (SEZs), emphasized Vice Senior General.

Situated in the Kyauk Phyu Sea port town in Rakhine State, Myanmar, the Kyauk Phyu Special Economic Zone (SEZ) is a collaborative effort between Myanmar and China. Recognized as a strategically significant project, the long-awaited implementation has recently seen accelerated efforts from both sides.

-ymg/knl