December 14, 2016

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Emerging business destination — Kyauk Phyu SEZ awarded international flag of investment attractiveness

An artist’s impression of the Kyauk Phyu deep sea port project that will unlock the potential of the hinterland and fulfill the country’s potential as a trade corridor for Africa, the Middle East and China.
An artist’s impression of the Kyauk Phyu deep sea port project that will unlock the potential of the hinterland and fulfill the country’s potential as a trade corridor for Africa, the Middle East and China.

Myanmar’s Kyauk Phyu Special Economic Zone in Rakhine State was awarded the “Prime Business Destination Award” of the Europe Business Assembly, a UK-based international corporation, according to the SEZ’s website.
On behalf of the country, Ambassador U Han Thu received the International Flag and Certificate of Investment Attractiveness at the Prime Business Destination Forum held at Carlton Intercontinental Hotel in Cannes, France, on 12 October.
Kyauk Phyu special economic zone, one of the country’s three SEZs, received the emerging business destination award with the qualification level of “E” that indicates significant opportunities and moderate risk, along with Haifa Municipality in Israel, European Integration of Brcko District in Bosnia and Herzegovina and Morant Bay in Jamaica.
Evaluation is based on criteria including economic and geographical position, natural-resources potential, economic potential, energy, transport, industrial and social infrastructures, human resources in the region, level of education and health care, innovative, technical and scientific potential, political stability, availability of legislative preferences for investments, mechanisms for investment protection, and accessibility to information for successful participation in investment projects and tenders, the EBA said.
According to sources, the Singapore-based Creative Professional Groups was hired to advise the SEZ Bid Evaluation and Awarding Committee (BEAC) on choosing and inviting international developers to the SEZ.
Invitation of expression of interest process for the development of the US$227 million project started last year. Potential developers have submitted their detailed plans for construction of a deep-sea port, an industrial park and a residential area.
During her presentation in Yangon last year, Mrs. Nina Yang, executive director of urban planning at CPG Consultants Pte Ltd, said that the 19.51 square kilometer development area for phase 1 in western Rakhine State will include a 2.46 square km deep sea port, a 10 square km industrial park, 5 square km integrated residential area and a 2 square km associated infrastructure development area.

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