YANGON - Myanmar is implementing a new central economic zone in Muse, a border town in northern Shan state linking China's Ruili of Yunnan province, to boost border trade at the most important crossing between the two countries, according to the project official saying on Tuesday.
The new Muse Central Economic Zone, being established on over 120 hectares of land at a cost of $51.54 million, comprises 18 estates including jade trading facilities, markets, shops, hotels, restaurants and housing complexes, said the official.
The plan of setting up of the Muse central economic zone was approved by local authorities in early 2013 and it was targeted to be completed in 2007.
Myanmar's border trade with China is being mainly done through Muse, Lweje, Chinshwehaw and Kan Pite Tee.
Muse stands as the highest border trade transaction between Myanmar and China, reaching over $3 billion in the fiscal year 2013-14, accounting for over 60 percent of Myanmar's total border trade.
According to Myanmar official statistics, the total value of China-Myanmar bilateral trade is $6.62 billion in 2013, accounting for 28.4 percent of Myanmar's total foreign trade value which was $23.29 billion during the year.
Figures also show that China's investment in Myanmar has reached $14.25 billion in 65 projects as of June 2014, accounting for 30.5 percent of the total and ranking the first in Myanmar's foreign investment line-up.
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