The official participation of Japan in a special economic zone in southeastern Myanmar initiated by Myanmar and Thailand will bring confidence and attract investors to the project, the Thai delegation said Monday after a trilateral meeting here.
Thai Transport Minister Arkom Termpittayapaisith told a press conference that following Japan's decision earlier this year to participate in the project, Tokyo has been revising the master plan and a study on infrastructure development.
He added that Thailand, Myanmar and Japan agreed to each contribute 6 million baht, or the equivalent of $166,000, and to share equal seats in a special-purpose vehicle that Myanmar and Thailand created to manage the project.
Regarding the National League for Democracy government to be inaugurated in Myanmar in March, the Myanmar side said the project will continue even with a change of administration.
The economic zone is located about 300 km west of Bangkok. When completed, it will have a total area of 200 sq. km.
Thailand and Myanmar signed a memorandum of understanding to develop an industrial estate and deep seaport in Dawei in 2008, followed by another MOU in 2012. The project should have been completed by 2015, but was suspended due to a lack of financing.
Japan's agreement to participate in the project in January this year significantly revived one of Southeast Asia's largest industrial complexes.