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China inks Kyaukphyu development deal with Myanmar

China has signed an agreement with Myanmar to invest and develop Kyaukphyu port in Rakhine State into a major container port as part of a package of agreements signed between the countries spanning infrastructure, power and trade during Chinese president Xi’s visit to Myanmar last weekend.

Beijing aims to build the deep-sea port into a major container ports in Asia to serve as a gateway for Myanmar and ASEAN countries to India, Africa and the Middle East.

Myanmar invited bidders to develop the Kyaukpyu port area in 2014 and a consortium of six companies led by China’s CITIC Group won the tender in 2015 and struck a deal with Myanmar last week after a lengthy negotiation on the development plan of the project.

According to CITIC, the first stage project involves the construction of two berths with a total investment of $1.3bn The construction of the port will soon commence after completing economic and social impact assessments.

Beijing believes the signing of cooperative agreements marks a significant step in translating the China-Myanmar Economic Corridor (CMEC) from a concept into a substantive planning and a important milestone for its Belt and Road Initiative.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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