Max Myanmar Company quit the Dawei special business zone project which is the value of US $8.6 billion on basic building structure although the company hasn’t withdrawn its US$ 2 million share money yet.
“The project is now seeking for local companies to fill its vacant position,” said Deputy Minister Thura U Thaung Lwin of the Ministry of Rail Transportation at the last day of the Fourth Regular Session of First Pyithu Hluttaw.
MP U Thein Nyunt has requested the Parliament to answer two questions regarding to Dawei Deep Seaport Project after leaving of Max Myanmar. The questions are (1) Any disadvantage to national benefit when the company left the project and (2) Any other local companies are allowed to take the vacant spot.
The Lower House Speaker Thura U Shwe Mann brought up questions to answer by concerning Union Ministers.
Deputy Minister for Rail Transportation Thura U Thaung Lwin said "I will reply to the question of the Lower House Speaker. Despite leaving the Dawei project, Max Myanmar Company has not withdrawn its initial capital yet.
Instead, local companies have been invited to join hand in the implementation of the Dawei project.
Meanwhile, Taninthayi Region government has proposed to establish an industrial zone for locals. While in Bangkok, we discussed with Italian-Thai Company to return half area of Dawei project measuring 204.5 square kilometers for the establishment of the industrial zone for the locals and the company showed us a green light.
The Italian-Thai Company has been invited to amend the Framework Agreement. Further invitations to local companies for the Dawei project have been so far suspended. If the Italian-Thai Company agreed on the amendment of the Framework Agreement, we will go ahead.
He added: "Italian-Thai Co has registered and formed Dawei Development Co Ltd in Myanmar to implement Dawei Special Economic Zone project. It is working in partnership with Myanmar national-owned Max Myanmar Co, whose shares in the project represent 25 percent."
Italian-Thai Co has so far spent US$ 98 million on the project while Max Myanmar has spent about 2 million.
But the company is preparing to "withdraw". Dawei Development Co Ltd has formed various committees to work in their related fields of the project. It is also inviting foreign investments.
The project needs about US$ 8.6 billion for building infrastructures.
The Dawei deep seaport and special economic zone project is being undertaken in the land area of 250 square kilometers in Yebyu Township, Dawei District, Taninthayi Region.
