It was agreed that the state government would hold a 65 percent stake in Kanyin Chaung, while the company will hold the remaining 35pc. Kanyin Chaung Economic Development Company is a partnership between Golden Key Company and Aye Chan Family Co.

The project commenced last year and will be developed over three stages. A total of K2,200 million has been allocated to stage 1, with the Rakhine State government, backed by the Union government, forking out K1,500 million and the company covering K700 million, said U Aye Kyaw Thein.

Around 50 acres of land will be built during the project’s first stage, and it will be expanded each year to reach 100 acres in the second state and 200 acres in the final stage , said U Kyaw Aye Thein.

As Kanyin Chaung enjoys both government and private funding, only quality materials will be used during projects. A third party will be hired to ensure spending is conducted transparently.

Depending on the trading with Bangladesh, Kanyin Chaung will include related production businesses, banks and markets.

The intention is to create local job opportunities, develop the economy of Rakhine State and to gain economy-based regional stability in the long run, said U Kyaw Aye Thein.

“Upon completion, there would be more job opportunities and thus, it would develop and reduce conflicts. If this region’s economy can be improved, no one would look for trouble. This is human nature and so, we need to carry out construction of this border trading zone as soon as possible,” said U Aung Myint Thein, Chairman of Maungdaw Border Trade Association and owner of Aye Chan Family Co.

Source: https://www.mmtimes.com/news/agreement-stakes-economic-zone-maungdaw-signed.html