The Dawei Special Economic Zone Management Committee has announced the cancellation on the deep seaport project contract with Italian-Thai Development (ITD), considered one of Thailand’s leading industrial corporations, by saying that they “lost confidence” within the company after long, controversial points.
The Dawei Special Economic Zone Management Committee said that the Thai company has brought on them “repeated delays, persevering with breaches of financial obligations beneath the contracts and the concessionaires’ failure to confirm their monetary capability to proceed with development”.
They say they’ll look for new growth companions to continue the initiatives. Currently, there are still no feedback from ITD.
Backed is Myanmar’s initiative to encourage worldwide investments into the country, but the project has been delayed due to funding issues and native opposition..