China has agreed take a 70% stake in a strategically important sea port in Myanmar, at the lower end of a proposed range amid local concerns about Beijing’s growing economic clout in the country, a senior government official said. “Locals from Rakhine and communities across Myanmar think that the previous 85/15% agreement is unfair to Myanmar. The port is part of two projects, which also include an industrial park, to develop a special economic zone in Rakhine. Myanmar’s leader, Aung San Suu Kyi, has argued that economic development is the solution to the long-running ethnic tensions in Rakhine state. The port is in the southern part of the state, which has so far not been affected by the violence in northern Rakhine in recent weeks.

Source: Dhaka Tribune October 17, 2017 15:22 UTC