SITTWE, Rakhine State — The Rakhine State government and the Nat Myit Alintan Group of Companies signed a memorandum of understanding (MoU) on the development of the Kanyin Chaung border economic zone in the outskirts of Maungdaw Township on Monday.
The Rakhine state government will invest 65 percent of the capital and the other 35 percent will come from Nat Myit Alintan—a consortium of four companies based in Maungdaw and three from Yangon, said U Kyaw Aye Thein, the regional minister for finance, revenue, planning and economics.
“The zone will give priority to trading [in contrast to manufacturing],” said the minister.
The 3.5 billion-kyat project lies on 100 acres of land in Kanyin Chaung on the outskirts of Maungdaw, he said.
The Kanyin Chaung project was initiated under the previous government in 2015, but there was little progress due to the transfer of power to the National League for Democracy-led government and construction only resumed this year.
A government administration building, trade showrooms, and two boat jetties have already been built. But the compound and traffic road have not yet been constructed.
On Oct. 30, the state government also signed MoUs with private companies for the development of Manaung Island in the Bay of Bengal and upgrading of the Ngapali Golf Course.
The Maungdaw border trade station has been re-opened as the situation in region has stabilized following attacks on Aug. 25.
The Ministry of Commerce reported a $5.948 million trade volume through the Maungdaw border trade station in the 2016-17 fiscal year. The value of trade with Bangladesh through the Maungdaw trade station for the 2017-18 fiscal year is targeted to be US$6 million; it reached $5 million as of Sept. 1 this year.
Translated from Burmese by Thet Ko Ko.