Italian-Thai company to quit after the treaty take effect between Myanmar & Thailand

The Italian-Thai Development Company has yet to cease their operation at the Dawei Special Economic Zone and will quit after the treaty between Myanmar and Thailand goes into effect, said Minister for Labour, Employment and Social Security Aye Myint, who is also a Chairman of the Central Working Committee for Implementation of Dawei SEZ.

The company is facing financial difficulties for the project and failed to implement the project to within the required time frame. Myanmar and Thailand co-established the main company Special Purpose Vehicle-I to continue the project and registered it in Thailand. The public concerned that making the registration in Thailand can make the Dawei SEZ to control by Thailand but the project will be administered by Myanmar.

For the Dawei SEZ and its related projects to be successful, Myanmar and Thailand will have to sign agreement between share holders, and other agreements. Both countries will hold equal shares in the company through Myanmar’s Foreign Economic Relation Department (FERD) and Thailand’s Neighbouring Countries Economic Development (NEDA).

Although the progress in Dawei SEZ is halted, the company which are replaced in place of Italian-Thai Development Company have to give back the money invested by the Italian-Thai company, said Set Aung, Chairperson for Rules and Regulations Sub-Committee and Vice Chairman of Central Bank of Myanmar.

“The highway road constructed by the Italian-Thai company is good enough to drive big trucks. The company which will implement the Dawei SEZ have to give back the cost of the road to the Italian-Thai company,” he said.

 

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/2957-italian-thai-company-to-quit-after-the-treaty-take-effect-between-myanmar-thailand