The Kachin State Government and Myanmar Heng Ya Investment Development Co. Ltd signed a Memorandum of Understanding for developing the Kampaiti Business Park yesterday at the state office.
At the event, U Wei Lin, Kachin State Minister for Finance, Revenue, Planning and Commerce spoke about implementing the business park project in line with the existing law. He also discussed matters related to job creation, trade promotion at Kampaiti gate, cooperation to combat illegal trade, and business opportunities for local people.
The managing director of Myanmar Heng Ya Investment Development Co Ltd also provided details on the project.
Kachin State minister for transportation, electricity and Industry; state government officials; and, officials from Yunnan-Teng Yin Trading Company also attended the signing event.
The Kampaiti gate is one of the border checkpoints between Myanmar and China. A proposal to upgrade the border gate was approved by the Kachin State government at the second state meeting’s 18th regular session. The Myanmar Heng Ya Development Company is a joint venture between Kampaiti Development Company and the Yunnan-Teng Yin Trading Company.
Between 1 October and 21 February of the current financial year, Sino-Myanmar trade at Kampaiti gate soared to US$141.24 million from $73.97 million in the year-ago period, according to data released by the Commerce Ministry. — State IPRD (Translated by Ei Myat Mon)