Myanmar and Japan have reportedly revived negotiations to form a joint venture (JV) for the construction of Hanthawaddy International Airport.

The airport will be built in the Bago Region of Myanmar and is likely to entail an investment of around $1.5bn.

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Authorities from the Myanmar and Japanese governments have already met several times to prepare the blueprint of the airport project, The Myanmar Times reported.

The Myanmar Department of Civil Aviation (DCA) will provide nearly 3,600ha of land for the new airport. The design of the airport will be upgraded to include a connection to the railway network.

An express highway will be linked to the proposed airport in the first phase, while an express railway will be connected to the airport in the second phase.

Myanmar Ministry of Transport and Communications deputy permanent secretary U Aung Ye Tun and DCA deputy director general U Ye Htut Aung told the publication that the airport project has the backing of the government and has been given the priority to start as soon as possible.

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U Aung Ye Tun said: “Both sides are negotiating to implement Hanthawaddy International Airport supported by Japanese loans. After negotiations are complete, the next is conducting surveys at the grounds.”

U Ye Htut Aung added: “If the tender is successful, we can sign contracts in early 2020 and construction can begin immediately.”

Narita International Airport Corporation is expected to participate in the tender process.

Yangon International Airport is expected to reach its full capacity by 2020, making the development of the Hanthawaddy International Airport vital to meet future demands.

Myanmar Bago Region finance and planning minister U Nyunt Shwe told the publication: “Presently, as about 700 airplanes fly over Bago each day, Myanmar will benefit from having an airport in Bago and this will also help to improve transportation networks between Bago and Yangon.”