Yangon, Dec 26 (IANS): The Kaladan multi-purpose transportation project, jointly implemented by Myanmar and India, is expected to be completed by mid 2014, media reports said Thursday.

According to the contractor Essar Company, the first of the three-phase project has been completed by 70 percent, reported Xinhua.

The first phase includes construction of Sittway Deep Seaport and Paletwa Jetty, dredging the Kaladan waterway and construction of six vessels.

The second phase covers construction of a 109 km-long road to link Paletwa with border region and the third phase comprises construction of a highway between India's Mizoram state and Myanmar's Chin state.

The completion of waterway and highway crossing Myanmar's Rakhine and Chin states would help support better transport and trade between the regional countries, the report said.

Upon total completion of the project expected to be operational by 2015, India is to hand over to Myanmar which is to carry out the maintenance work, the report added.

Myanmar and India signed the $214 million contract Kaladan multi-purpose transportation project in 2008.

According to official statistics, India's investment in Myanmar amounted to $283 million as of July 2013 in nine projects.