Off the wire
• China treasury bond futures open lower Friday  • Mexico seeks to attract more Chinese travellers  • Chinese shares open lower Friday  • China Hushen 300 index futures open mixed Friday  • Chinese yuan strengthens to 6.3851 against USD Friday  • Market exchange rates in China -- Dec. 4  • Commentary: New starting point for China-Africa cooperation  • Australian PM's wife to head powerful Sydney planning body  • French Ligue 1 standings  • French Ligue 1 result  
You are here: 　 Home

Myanmar plans special economic zone in western state

Xinhua, December 4, 2015 Adjust font size:

Myanmar is demarcating an area of 1,737 hectares in Kyaukphyu, western Rakhine state to establish a special economic zone (SEZ) in the region, an official report said Friday.

Seeking approval of the parliament, the initial phase of the Kyaukphyu SEZ development project will have three components, a deep-sea port, an industrial park and an integrated residential area.

The industrial park project will be implemented in a plot area of 8.5 km south of Kyaukphyu where there are five village-tracts, while the deep-sea port project-1 lies at a location north of Made Island and the deep-sea port project-2 is located north of Yanpye. The residential building project stands 12 km south of Kyaukphyu involving two village-tracts.

The master plan covers three townships, of which Kyaukphyu will be mainly set as zone for developing industry, while Yanpye township be agro-based development zone and Manaung township be eco-tourism development zone.

The Kyaukphyu SEZ project will start implementation in February 2016 with an initial area of 100 hectares for developing an industrial park. The overall project will take 20 to 30 years.

Invitation of expression of interest process started in 2014.

The Kyaukphyu SEZ project, once successfully implemented, will contribute to enhancing the ASEAN economic integration and reap major economic benefit which can improve the country's economic sector, promote the development of Rakhine state, create Kyaukphyu surrounding as a main pillar of the country's economic development, said experts.

With Myanmar as the only strategic gateway between ASEAN and India and China, the project is also a shortest and most economical gateway for trading goods between China and India through Kyaukphyu SEZ.

The SEZ can attract investors from ASEAN countries for setting up manufacturing plants and their products can be exported to China and India.

Kyaukphyu will play a key role in the country's huge potential development sectors such as industry, forestry and fishery, oil and natural gas as well as servicing. Endit