Italian-Thai Development Plc (ITD) through its subsidiary Dawei Development Co (DDC) will sign a contract with the Myanmar government by July 24 to develop and run the Dawei economic development zone for at least 50 years.
DDC managing director Somchet Thinapong said on Thursday that the contract would cover the initial development and operation of 27 square kilometres in the Dawei special economic zone. Investment was estimated at about 30 billion baht for the concession to operate the zone for 50 years, renewable twice for a decade each.
“Last week I met the chairman of Myanmar’s special economic zone committee who confirmed that ITD could sign the concession contract with the Myanmar government by July 24. The exact date is yet to be set. Local and foreign investors are ready to be ITD’s partners,” Mr Somchet said.
The development will cover the construction of public utilities, liquefied national gas yards, a power plant and a small port.
Construction would be rapid because parts of the project had already been started, including the construction of internal roads and ponds, Mr Somchet said.
ITD has been granted the right from the Myanmar government to develop an industrial zone of 205 square kilometres of land in Dawei city. DDC is ITD’s implementing and managing business unit for the Dawei project that will eventually link with Thailand’s Eastern Seaboard.