The Kachin State government this month signed an MOU with Myanmar Hein Investment Development Co to develop a border trade zone at Kan Paik Ti township in Waingmaw, Kachin State, which is near the Myanmar- China border.
Myanmar Hein Investment is a 30:70 joint venture established by ethnic Kachin-owned Kan Paik Ti Development Company Limited and Yunnan Htein Yin Trade Company Limited.
The project is now under regional parliamentary-level approval. The aim is to create job opportunities for local residents, promote bilateral trade and combat illegal trade, said U Wai Lin, Regional Minister for Finance, Revenue, Planning and Economics.
When complete, the Kan Paik Ti border trade area will become a major part of the China-Myanmar Economic Corridor (CMEC).
The project location is about 85 miles from Myitkyina and bordering Teng Chong of Yunnan province in China. “Major upgrade works are needed so that Kan Paik Ti can become a main trade gate in Kachin,” U Wai Lin said.
Myanmar Hein Investment Development Company will build infrastructure across 75 acres of land for a development cost of US$22.4million (K33.6 billion). This will include civil servant housing, rest areas for travelers, parking lots and public toilets in the initial phase, while electricity and water supply will be implemented in the second phase.
The area will also include a Southeast Asia cultural market, goods exchange and logistics area as well as warehouses and shops.
Kan Paik Ti is currently a small trading hub for exporting bananas, watermelons, corn, chili, rubber, rice, iron and ores. Imports include chemical fertilizers, paper, iron rods, motorbikes, textiles, tyres, plastics, cement and pipes.
According to the state government, total trade at Kan Paik Ti amounted to US$296 million in fiscal 2018-19. After the upgrade, the area will be able to handle larger volumes of goods.
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