Myanmar has planned to develop its third special economic zone (SEZ) in western Rakhine state's Kyaukpyu, assigning a Singapore-based consortium to develop a master plan for the move, state media reported Tuesday.
CPG Consultancy Ltd, which leads the consortium, will serve as the key advisor for choosing and inviting international developers to the Kyaukpyu SEZ under an agreement signed with the Committee of Bid Invitation and Selection for the Kyaukpyu.
The Myanmar government and the consortium will select construction companies in December using an international bid process, the report said, adding that the chosen companies is to draw detailed plans in the first two months of 2015.
The 227-million-US-dollar project, which is part of plans to create a "mini-Singapore" on an island off in Myanmar, will include a deep-sea port and an industrial park and residential development with education, healthcare and recreation facilities.
While CPG is building a new power plant and power lines for the project, Myanmar will also upgrade the existing road network in the SEZ project.
Upon the completion of the project, it will cover some 75 square-kilometers, CPG was quoted as saying.
According to other local media, the Kyaukpyu SEZ will be implemented in three phases with the first phase from 2014 to 2016, while the second phase be from 2017 to 2020 and the third phase from 2021 to 2025.
The planned Kyaukpyu SEZ, lying at a location 6 kilometers southeast of Kyaukpyu township, will create 60,000 job opportunities by the end of 2016, local media predict.
The two other SEZs in Myanmar being developed are Thilawa SEZ in Yangon's Kyauktan township and Dawei SEZ in southern Taninthayi region.
Development of Thilawa SEZ mainly involves Japanese investors, while that of Dawei SEZ comprises Thai entrepreneurs.