Deputy Commerce Minister U Aung Htoo said on Feb 16 that the planned multi-billion dollar Kyaukphyu Deep Seaport project will be developed with the contribution of 70 per cent by the China International Trust and Investment Corporation Consortium (CITIC) and 30 per cent by Myanmar.

The Kyaukphyu project comprises a Housing Project, a Special Economic Zone and the Deep Seaport project. All will be developed by a consortium between CITIC and Myanmar-Kyaukphyu Special Economic Zone Holdings Groups of Company, composed of 42 local private companies from Myanmar.

Union Minister for Commerce Dr. Than Myint, who is also the chair of the Myanmar Special Economic Zones Central Working Body, said: “The first phase of the project is expected to cost around 1.3 billion US dollars. Plan is under way to continue implementing the project if two projects can cover operation costs. We have reached an agreement with China over the plan.”

CITIC is a state-owned investment company of the People’s Republic of China, headquartered in Beijing. As of 2019, it is China’s biggest state-run conglomerate with one of the largest pools of foreign assets in the world.