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Myanmar cancels Thai investment in the Dawei Special Economic Zone

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PHOTO: Environment Justice Atlas

The Dawei Special Economic Zone Management Committee has announced the cancellation on the deep seaport project contract with Italian-Thai Development (ITD), one of Thailand’s leading industrial firms, by saying that they “lost confidence” in the company after long, controversial issues.

The Dawei Special Economic Zone Management Committee said that the Thai company has caused them “repeated delays, continuing breaches of financial obligations under the contracts and the concessionaires’ failure to confirm their financial capacity to proceed with development”.

They say they will look for new development partners to continue the projects. Currently, there are still no comments from ITD.

The Dawei Special Economic Zone is Myanmar’s initiative to encourage international investments into the country, but the project has been delayed because of funding problems and local opposition.

SOURCE: Thai PBS World

 

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7 Comments

7 Comments

  1. Rasputin

    Tuesday, January 19, 2021 at 7:04 pm

    Good luck with that, if expecting to attract any investment from the West at the moment. Politically, they are certainly not the flavour of the month. China or Russia might be willing help for a price.

  2. Wayno

    Tuesday, January 19, 2021 at 9:31 pm

    Thailand delaying progress, that’s unusual

    • Issan John

      Tuesday, January 19, 2021 at 10:29 pm

      Hardly “Thailand” – ITD is a private company.

  3. Ian

    Wednesday, January 20, 2021 at 12:35 am

    Can you blame anyone not wanting to put 1 baht of investment into Thailand at this present time ,the thai government as shown it’s ineptness in running a country and its corruption on a daily basis so covid has at least exposed this to the world

    • Colin G

      Wednesday, January 20, 2021 at 8:13 am

      That may or may not be so, however the article relates to a development in Myanmar.

  4. Toby Andrews

    Wednesday, January 20, 2021 at 10:19 am

    This loss of confidence in Thais will continue.
    They have shown themselves to be inept, corrupt, and conniving.
    I expect STD could not acquire the foreign funding they were used to and could not take on the project.
    Of course this is just a guess.

  5. Haarkötter

    Tuesday, January 26, 2021 at 6:37 am

    Selber Schuld wenn kein Vertrauen mehr da ist

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