CHIANG MAI, 30 June 2015 – The Cabinet has approved economic development plans as proposed by the Office of the National Economic and Social Development Board (NESDB) regarding the Dawei development plan, during the Cabinet meeting today.
The Cabinet meeting today saw the approval on economic plans proposed by the NESDB regarding the Memorandum of Intent (MOI) on the Dawei Special Economic Zone. The mobile Cabinet meeting took place in Chiang Mai province today.
The meeting’s decision includes the approval of the trilateral MOI between Thailand, Myanmar, and Japan on the development of the Dawei Special Economic Zone, while the NESDB’s Secretary-General signed the MOI.
Any amendments on the MOI in less significant sections prior to its official announcement can be made through the approval of the National Council for Peace and Order (NCPO) and the Ministry of Foreign Affairs (MFA) without the requiring the Cabinet’s consent.
The MOI on the Dawei Special Economic Zone confirmed several agreements on the investment of the Special Purpose Vehicle (SPV), the technical cooperation after completion of development, the construction of a highway after development completion, mutual responsibilities on social and environmental issues and other aspects.
The MOI will be effective 5 years from the date of signing, while the extension of the time where it would become effective, can be extended for an additional five years each time. The termination of the MOI will require one of the three countries to announce the official termination notice to the other two countries six months in advance.
