Published July 10, 2019
By THIHA KO KO @mmtimes
No decision has been made on a proposal by Gold Coast KTMG Development, a company with Malaysian owners, to develop a new city near Sittwe, capital of Rakhine State, says a senior minister in the state government.
“We have not decided on it and there have been no detailed discussions other than the presentation of the proposal. The company needs to submit details to the Myanmar Investment Commission as this is a large project,” U Kyaw Aye Thein, the state government’s Minister of Finance, Revenue, Planning and Economy, said.
Gold Coast KTMG representatives met with Rakhine State government officials in June to present the proposal on the so-called “Sittwe New City” project, to be developed on 7,000 acres of land with an estimated cost of US$38 billion.
Original Source: https://www.mmtimes.com/news/no-decision-made-malaysian-proposal-sittwe-new-city-project.html