Myanmar- China relations

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2018

After Sri Lanka and Pakistan, China inks port deal with Myanmar

After Lanka and Pak, China now inks port deal with Myanmar, November 10, 2018: The Times of India

China has clinched a multi-billion-dollar deal to build a port at a strategic town along the coast of the Bay of Bengal in Myanmar, its third project in India’s neighbourhood after Sri Lanka and Pakistan.

China and Myanmar signed an agreement to build the deep sea port project in Kyaukpyu town after negotiations dragged for years due to financing and other issues, state-run Global Times reported on Friday. Under the agreement, China will fund 70% of the investment for the project and Myanmar will pitch in the remaining 30%. The initial phase of the project will include two berths with a total investment of $1.3 billion, according to the agreement. A joint venture will be set up to construct and operate the port. Once completed, the port will have an annual gross output of $3.2 billion, the report said.

China is also developing deep water strategic Gwadar port in Pakistan in the Arabian Sea which faces the Mumbai coast. It has also acquired Sri Lanka’s Hambantota port on debt swap in the Indian Ocean. China has persistently denied the “String of Pearls” theory of building strategic network of ports to encircle India.