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Wednesday, December 30, 2015, 22:18

China consortium wins bid for Myanmar SEZ

By Xinhua

NAY PYI TAW - Myanmar authorities announced Wednesday that a consortium of six foreign group companies, led by China's CITIC, has won the bid for implementing two projects of the country's newly planned special economic zone (SEZ) in Kyaukphyu, western Rakhine state.

The transnational consortium involves five Chinese and one Thai firms.

Myanmar's Kyaukphyu SEZ Bidding Evaluation and Awarding Committee (BEAC) made the announcement following the approval by the government cabinet and parliament.

The CITIC consortium also comprises Thailand Charoen Pokphand Group Company Limited (CP Group), China Harbor Engineering Company Ltd. (CHEC), China Merchants Holdings (International) Co. LTD(CMHI) , TEDA Investment Holding(TEDA) and Yunnan Construction Engineering Group(YNJG).

The CITIC consortium formed the project joint ventures together with Myanmar local enterprises for the construction and operation of the industrial park and deep sea port projects.

The industrial park project, which covers an area about 1,000 hectares, will be built in three phases with commencement of construction in February 2016.

The development of Kyaukphyu industrial park and deep sea port projects will promote the economy and society development of Myanmar and improve the local people's employment and livelihood, said CITIC consortium, adding that more than 100,000 new jobs will be created for local people every year.

According to the plan, during the whole concession period, Myanmar government will accumulatively receive US$15 billion of tax revenue from the two projects. When the concession period is expired, both projects will be handed over to the Myanmar government.

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