Italian-Thai Development (ITD) welcomes possible Russia’s involvement in Myanmar’s Dawei project
SET-listed Italian-Thai Development (ITD) welcomes possible Russia’s involvement in Myanmar’s Dawei project, potentially recovering the 10 billion baht they invested.
In late 2020, Myanmar terminated seven concession agreements at the Dawei Special Economic Zone (DSEZ), affecting five project companies, including Dawei Development Corporation (DDC), partly owned by ITD. DDC managing director Somchet Thinapong said Myanmar plans to revive the project with Russia’s government and private sector.
Somchet explained that concessions were terminated due to DDC’s alleged failure to pay fees and meet conditions, despite investing 10 billion baht and not receiving any land before the coup.
Somchet noted that BRICS countries like Russia or China investing in Dawei could help ITD recover their 10 billion baht through a future tripartite memorandum.
