17 June 2018
Rakhine State Government is implementing for economic development in cooperation with local entrepreneurs. The State Government has signed MoU for construction of Kanyin Chaung Economic Zone with Kanyin Chaung Economic Development Company last month.
According to MoU, the State Government would hold 65% stakes and the Company with the remaining 35%.
The Project will be implemented over three stages with the investments of 1.5 billion kyats by the State Government and 800 million kyats by the Company.
The project could bring many job opportunities for local people, and it could also reduce the conflict in the area, the Chairman of Maungtaw Border Trade Association said.
Chairman, Maungtaw Border Trade Association, Aung Myint Thein said “Security is most important matter. If there was security prevailed, we can able to build infrastructures for economic development like trading zone. Then, the border area will be developed with economic growth. If there was economic development, the region will be free from conflicts.”
The first stage is expected to open on 12th February next year. Once the project was completed, it will boost trade between Myanmar and Bangladesh, and also achieve stability based on economy growth, the Chairman added.