December 09, 2016

Breaking News

South Korea’s BXT got approval to invest in Kaladan project

Workers at a construction site at a new port in Kaladan River, Sittwe in 2012. Photo: Reuters
Workers at a construction site at a new port in Kaladan River, Sittwe in 2012. Photo: Reuters

South Korean BXT International Company is investing in jetty development activity in Kaladan River with the approval of the Myanmar Investment Commission (MIC).
The BXT is the first foreign company to make a significant investment in Sittwe, Rakhine State. The project involves land reclamation on the banks of the Kaladan river, creating more job opportunities for the locals, it is learnt.
A Rakhine State minister and a South Korean ambassador to Myanmar discussed how to effectuate development in Sittwe. The land reclamation project is being jointly implemented by the BXT and the Rakhine State government. After the land reclamation is completed, more Korean companies are likely to make investments in Sittwe, the minister said.
Once completed, it would provide employment opportunities for local residents, modern urban housing, international standard buildings, hotels, markets and restaurants, it is learnt. —200

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