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Myanmar rides on Sittwe Port for uplifting Arakan economy

Monday 24th Jul 2023    223
Myanmar rides on Sittwe Port for uplifting Arakan economy
 

Myanmar hopes the Indian-built Sittwe Port will be a game changer in regional connectivity and boost trade with India. The port, which is part of the Kaladan multimodal transit transport project, was opened on May 9. The project aims to provide an alternative route for connectivity from the east coast of India to the northeastern states via the Sittwe port. The port connects with Paletwa in Myanmar via an inland waterway and a road section from Paletwa to Zorinpui in Mizoram. The locals hope that direct trade with India will bring economic prosperity to the state of Arakan.

Agreements are in the works between the two countries to start direct trade. Myanmar and India have yet to sign a coastal shipping pact to launch trade between Sittwe and Kolkata. The two governments must decide how often cargo will be shipped between Kolkata and Sittwe. For example, they can choose to operate one ship per week or two vessels per month. Shipping companies will not make much profit during the first operation.

The port is open, but will only be operational after a shipping company that will regularly sail between Koklata and Sittwe has been launched. U Tin Aung Oo, chairman of the Rakhine State Chamber of Commerce and Industry, is optimistic about the port. "Currently, Bangladesh is the only country with which Arakan state trades, and it is cross-border trade.

Through Sittwe Port we can trade directly with the Kolkata Port in India. This means that there will be more choices for traders. There will also be more jobs. I assume that trade will improve," U Tin told local media.

 
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