One of Southeast Asia’s most drawn out port projects has suffered another setback.
Myanmar yesterday announced it was cancelling contracts with a Thai conglomerate to work on the Dawei deepsea port, an on and off project first conceived 13 years ago.
The committee in charge of the Dawei Special Economic Zone said Monday it had “lost confidence” in Italian-Thai Development (ITD) after repeated issues.
Announcing the cancellation, the Dawei Special Economic Zone Management Committee complained of “repeated delays, continuing breaches of financial obligations under the contracts and the concessionaires’ failure to confirm their financial capacity to proceed with development”.
Myanmar authorities said they would now look for new developers to invest in the project.