Myanmar and Thailand will on May 27 sign an agreement to establish a special purpose vehicle (SPV) to manage Myanmar's Dawei deep-sea port and special economic zone.
PM's Office Minister Niwatthamrong Bunsongphaisan said yesterday that the signing ceremony would take place during a Joint High-Level Committee meeting of the two nations to be held in Thailand from May 26-28.
The meeting will be jointly hosted by Finance Minister Kittirat Na-Ranong and Myanmar's Vice-President U Nyan Tun.
The SPV will be set up as a holding company and administered by Thailand's Neighbouring Countries Economic Development Cooperation Agency and a state organisation under Myanmar's Ministry of National Planning and Economic Development.
Once the SPV is established, several special purpose companies (SPCs) will be set up under it to handle investments in roads, deep-sea ports and other projects. These will be funded by investors from Thailand and other countries.
Two other countries will also be invited to join the SPV, though it has yet to be decided which these will be.
The SPV would take over the management concession for Dawei from Italian-Thai Development Plc, the country's largest construction firm.
Italian-Thai will however continue to develop the infrastructure, including roads and the port, Mr Niwatthamrong said. A consultant would be hired to study the fee payable by the SPV to Italian-Thai after it takes over the project.
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- Writer: Patsara Jikkham