A business coordination meeting on the conditions precedent that must be fulfilled by both Myanmar and CITIC for the successful implementation of the Kyaukpyu Special Economic Zone deep seaport project was held yesterday at Meeting Hall 1 of the Ministry of Commerce in Nay Pyi Taw.
At the meeting, Dr Kan Zaw, Chairman of the Myanmar Special Economic Zone Central Working Committee and Union Minister for Investment and Foreign Economic Relations, stated that a concession agreement was signed on 5 November 2020, between the Kyaukphyu Special Economic Zone Management Committee and the Kyaukphyu SEZ Deep Seaport Co Ltd, a subsidiary of China’s CITIC Group, to implement the Kyaukphyu SEZ’s deep seaport project. An addendum to the concession agreement was signed on 26 December 2023, extending the Long Stop Date by 18 months.
He also stated that the extended long stop date will expire on 26 June 2025 to complete the work by 26 April 2025 – two months before the expiration date – prompting this meeting to coordinate with relevant departments to ensure its timely completion.
Similarly, U Tun Ohn, Vice-Chairman of the Myanmar Special Economic Zone Central Working Committee and Union Minister for Commerce stated that, as outlined in the Shareholders’ Agreement for the Kyaukphyu Special Economic Zone deep seaport project, of the 16 conditions to be fulfilled before the project begins, ten must be implemented by Myanmar and four jointly by both parties, all of which must be completed within the specified period. He also added that the extended timeline requires the relevant departments to complete the necessary work by setting a clear timeline before 25 June 2025.
Afterwards, the Kyaukphyu Special Economic Zone Management Committee chairman and the attendees discussed in detail the conditions precedent that must be met by both parties and reviewed the status of the work’s completion, before Dr Kan Zaw delivered a concluding speech after coordinating the presentations and making the necessary arrangements. — MNA/TH
