Myanmar parliament approves Special Economic Zone land planning hinh anh 1A meeting of Myanmar’s Union Parliament. (Photo: VNA/ Xinhua)

Hanoi (VNA) - Myanmar’s Union Parliament on December 29 approved the land demarcation for the Kyaukphyu Special Economic Zone (SEZ) in the western Rakhine state.

The SEZ will be set up on 1,737 hectares of land in Kyaukphyu, Yanpye and Manaung towns under the regional development plan.

In its initial phase, the project will have three components, including the construction of a deep sea port, an industrial park and a residential area. Kyaukphyu will be developed into an industrial area while Yanpye township will be dedicated to agriculture and Manaung township to eco-tourism.

Work on the SEZ will be launched in February, 2016 on an initial area of 100 hectares for developing the industrial park. The overall project will take 20 to 30 years.

Myanmar President U Thein Sein is urging speeding up the tender process for Kyaukphyu SEZ during the present term of the government which is to end on March 30, 2016.-VNA