Dawei SEZ, a trans-border corridor (Source :myanmarbusinessnews)
Bangkok (VNA) - Japan has showed its strong determination to join Thailand and Myanmar in developing a special economic zone (SEZ) in Dawei in Myanmar’s southern province of Tanintharyi.

The determination was made as Japan attended the fifth Myanmar-Thailand Joint High-Level Committee Meeting (JHC) in Thailand on December 14.

During the event, the three sides inked an agreement on a special purpose vehicle (SPV) to manage and invest in infrastructure, and establish an industrial zone.

They agreed that Thailand’s baht and Myanmar’s Kyat will be used in the SEZ in order to create favourable conditions for investment and attracting more foreign investments.

Speaking after the meeting, Thai Deputy Prime Minister Somkid Jatusripitak expressed belief that the Dawei SEZ will be realised with Japan’s participation. 

The project’s initial value, about 400 billion THB (11 billion USD), will be revised, he added.

The first phase of the project will cost an estimated 1.7 billion USD, targeting small- and medium-sized enterprises operating in garments, leather, food, rubber and farm produce. Construction is expected to begin in the first quarter of 2016. 

Its second and third phases will focus on building steel, fertilizer, oil refinery, auto, plastic and chemical factories while the two last phases will see the presence of trade and marketing companies. 

In addition, the zone will also include a deep seaport, an expressway connecting Thailand and Myanmar, power plants, dams and apartment buildings. 

In addition to bringing foreign investment and new technologies to Myanmar, the project is expected to provide 300,000 jobs for locals by 2025.-VNA