13NOV2018 - NEWS - China inks a deal with Myanmar to jointly develop new deep sea port in Myanmar’s Kyaukpyu town

China has recently signed a framework agreement with Myanmar to develop a new deep-sea port in Myanmar’s Kyaukpyu town, which is situated along the Bay of Bengal. The deal follows years of negotiations associated with funding and other issues. It was signed between a Chinese consortium led by state-owned conglomerate Citic Group and the Kyaukpyu Special Economic Zone Management Committee. As part of the deal, China will provide 70% of the funding and Myanmar will provide a 30% investment in the project. A new joint venture is set to be established to build and operate the planned port.

Published by Editor - www.Livebunkers.com at 13-Nov-2018 06:32:40 [UTC] , contact editor at editor@livebunkers.com