A first ever China-Myanmar Border Economic Cooperation Zone will be developed along the Kunlong-Chinshwehaw border area in Shan state, the official Global New Light of Myanmar quoted a developer as reporting on Sunday.
Legal process is being pursued to establish the economic zone on 6,000 acres (2,430 hectares) under Myanmar's Investment Law and Special Economic Zone Law, the Chitkyiye Company said.
The project will be implemented by using the company's own capital as well as foreign investment, the company's consultant U Kyaw Dwon said.
The company stressed the participation of ethnic entrepreneurs in developing the economic zone.
The project is also planned to be implemented in four regions including Kanpaiktee, Muse and Kyinsamkyawt, giving priority to Kunlong-Chinshwehaw and then Bahmo in Kachin state, Minister of Commerce Than Myint said, adding that the ministry will invite local and joint-venture companies to submit an Expression of Interest in the project.
The Myanmar government formed a central committee to put in place the border economic cooperation zone in April 2018 following the signing of a memorandum of understanding on the set-up in May 2017.