Myanmar keen not to lose Kyaukpyu Port to China

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​12 June 18The Government of is reported to be re-evaluating a Chinese investment project to develop the deep-water port of because of rising costs. According to the daily Sinchew, the Port project is a part of China's One Belt One Road (OBOR) initiative. has invested an estimated USD 9 billion in the project.

A concerned is anticipating a potential debt default, whichcould lead to losing control of  The Sinchew is quoting unnamed government sources, as saying that negotiations are going on with the Chinese to reduce the cost of the project. Kyaukpyu is located in west Myanmar's Rakhine Province. That port offers a direct path to the from Southwest China, bypassing the

If started, the Port of Kyaukpyu development project will be the largest infrastructure project in Myanmar's history.

The project is also located at the starting point of an leading to China's

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

​Source: Business Standard

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