Sagaing's finance minister said the prior regional government has handed over some $1.2 million worth of kyats, land and concrete pump trucks.
U Set Aung said Myanmar will endeavor to take on no loans from China to see the project completed, amid ongoing talks to renegotiate its deal with the developer.
China is saddling poor nations with unsustainable debt through large-scale infrastructure projects that are not economically viable, said Ray Washburne.
U Set Aung's appointment comes amid the government's efforts to renegotiate its agreement with the project's Chinese developer to give Myanmar a larger stake.
The government says the zones, slated for Kachin and Shan states, will not only create local jobs but help bring peace to the restive regions.
The risk of slavery will spiral as workers who lose their jobs to robots will be more vulnerable to workplace abuses as they jostle for fewer jobs at lower wages, analysts say.
Most US businesses in China oppose the use of tariffs in retaliation for the challenges they face, from an uneven playing field to poor protection of intellectual property rights.
Can the Swiss Challenge model guarantee project transparency?
U Thant Myint said Myanmar would not be overwhelmed by the financing of a deep-water port being built in Rakhine State, hoping to assuage public fears of a Chinese debt trap.
The Irrawaddy spoke with DICA Director U Aung Naing Oo about the main changes in store under the new law, foreign investment prospects and the business landscape heading forward.
DICA said it would release regulations relating to the new Companies Law before it takes effect on Aug. 1 with instructions on how to register and follow the rules.
Come August, a new Companies Law will make it easier for foreign investors to do business in Myanmar. But the Rakhine crisis and civil war are scaring many of them away.
New research warns China's Belt and Road Initiative and the China-Myanmar Economic Corridor could face stiff public resistance if the projects fail to engage local communities.
Protesters fear that leases may be snapped up by investors from powerful neighbor China, with which Vietnam has a rocky history.
Frustrated by the lack of details, lawmakers want to know how much the new port will cost, how long it will take to build, and its potential impact on locals.