Dawei SEZ impeded as Italian-Thai incapable to finance alone

DAWEI—Myanmar is going to invite more international investors to participate in the Dawei Special Economic Zone Project as Italian-Thai Development (ITD) has proved unable to fund it alone, officials told a press conference on Monday.

The implementation of Dawei SEZ and its related projects has been delayed as ITD faces financial constraints. The project is so large that no company can finance it alone and it should thus be developed through the efforts of many companies, according to Sett Aung, chairperson of the legal and procedural coordination sub-committee for the Dawei SEZ Project.

“Italian-Thai Company doesn’t have the financial capacity to finance Dawei SEZ alone. In fact, no other company would have the financial capacity to do so, either. Therefore, we will invite investment from other international firms in addition to Italian-Thai,” said Sett Aung, who is also the vice governor of Myanmar Central Bank.

Plans are currently underway to appoint an international consulting firm to conduct due diligence, a kind of audit to verify the costs ITD paid for the project. During the process, ITD will need to suspend their work. Later, international investors and developers will be invited to continue implementation of the Dawei SEZ Project.

The Dawei SEZ Project is located in the Taninthayi Region of Lower Myanmar. It includes plans to develop a 250-square kilometre industrial estate, with sea and land infrastructure links to Thailand, Cambodia, and Vietnam.

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/4318-dawei-sez-impeded-as-italian-thai-incapable-to-finance-alone