Bangkok: Thailand and Myanmar will sign a Memorandum of Understanding (MoU) in early January that aims to restart a project to develop Dawei Special Economic Zone (SEZ), Myanmar.
The Dawei SEZ is located along the Thailand-Myanmar peninsula, strategically close to the Malacca Strait. The complex comprises a 250-square-km deep-sea port, petrochemical and heavy industry hub.
It is hoped that Italian Thai Development (ITD) and Rojana Industrial Park will play a role in the first phase of the project, a Thai minister told Reuters. Japanese companies are also said to be mulling investment.
In mid-October, Thai prime minister General Prayut Chan-o-cha met Myanmar president Thein Sein to discuss the project and vowed to kickstart it again.
Thailand and Myanmar took control of the Dawei complex from ITD, Thailand's biggest construction firm, in November 2013.
The project has been delayed for many years, which has been largely blamed on ITD’s failure to secure private investment and agree on a power source for the complex. [4/12/14]