Mr Somjet Tinnapong, managing director of Dawei Development Company, a subsidiary of Italian-Thai Development Plc, said a signing ceremony was expected this month for Ital-Thai and Rojana Industrial Park Plc.
The first phase will cover 27 square kilometres at a cost of 20 billion Thai baht [K666 billion], he said.
The first phase of the project is expected to be finished in the next two years, during which light industries are likely to set up on the estate.
Myanmar and Thailand agreed in June 2013 to set up the Dawei SEZ Development Company with an equal shareholding and initial investment of 12 million baht, far below the 100 million proposed earlier. The company is registered in Thailand.