Sunday 18 November 2018
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business-standard - 9 days ago

China clinches multi-billion-dollar strategic port deal with Myanmar

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 on Thursday 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. 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. The Chinese consortium led by State-owned conglomerate Citic Group signed the framework agreement with the Kyaukpyu Special Economic Zone Management Committee on the development of the Kyaukpyu, deep-sea port, at a ceremony in the Myanmar capital of Nay Pyi ..

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