Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

China to Build Port in Myanmar, Third in India's Neighbourhood

India sees Chinese developing ports in the neighbourhood a strategy to encircle it in the Indian Ocean. Myanmar has grown wary of Chinese investment and has downsized some of its projects in the country.

IANS

Updated:November 9, 2018, 5:12 PM IST
facebookTwitterskypewhatsapp
China to Build Port in Myanmar, Third in India's Neighbourhood
(Representative image: Reuters)
Loading...

Beijing: China will develop a multi-billion-dollar deep sea port in Myanmar's Kyaukpyu town along the Bay of Bengal, a development that will concern India which already has two Chinese-built ports around it.

Under China's Belt and Road project, the deal between Beijing and Nay Pyi Taw was signed on Thursday after years of stalled talks over the financing of the project.

China is building the Gwadar port in Pakistan and has a 99-year lease of strategic Hambantota port in Sri Lanka. Besides, it is also funding one at Chittagong in Bangladesh.

India sees Chinese developing ports in the neighbourhood a strategy to encircle it in the Indian Ocean.

Myanmar has grown wary of Chinese investment and has downsized some of its projects in the country.

The Chinese state media said the port deal was a significant step for the continued implementation of the Belt and Road.

According to a report in the Global Times, China will fund 70 per cent of the project and the remaining 30 per cent will be taken up by Myanmar.

"The signing of the framework agreement marks a significant step for the port project, which has been stalled since 2015, and for the continued implementation of the China-proposed Belt and Road Initiative (BRI), which has come under increased scrutiny because of cases such as the Kyaukpyu port project," the report said.

"Prolonged negotiations fuelled criticism of the BRI, which some foreign critics said could add to local debts and even threaten other countries' sovereignty."

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results