Kachin State Government and China Investment Company Signed Memorandum of Understanding

Kachin State Government and Yunnan-Hteinchone-Htein Chon-Hein Rong Investment Co., Ltd. from the Republic of China have signed a memorandum of understanding to build Myitkyina Economic Development Zone.

The Director of Kachin State Government, the Minister of Finance, Planning and Economic Development, Chinese Investment Company and Deputy Mayor of Paungsan Province have signed MOU.

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“Today, we sign MOU and then we will try to continue to sign MOA, JVA and so on. We are going to discuss with the responsible officials of both Myanmar and China about the project and then we continue to sign JVA. The operation period will be fixed after signing JVA. We will conduct the processes to the public before operations,” said U Wai Lin, Minister of State Finance, Planning and Economic Development.

The Myitkyina economic development zone project will be developed on 4,700 acres of land in Nankyin Villages. It will include residential buildings, hospitals, schools, supermarkets, highway and railway for the transportations.

“When the project is completed, the project will transform as Myitkyina new city. But it will be so long to implement the project. The budget cannot be estimated but it may cost so much,” said U Aung Htay Lwin, Deputy Chief of Yunnan-Htein Chon-Hein Yong Investment Co., Ltd. for Myitkyina.

Credit: The Mirror
Translated by: iMyanmarHouse.com