Along the Bay of Bengal on the west tip of Myanmar, the town of Kyaukpyu in Rakhine State sits tranquilly on a 25-meter deep harbor.

This deep-sea port, surrounded by superb natural conditions, could be developed into another demonstration project under the framework of the Belt and Road Initiative (BRI), mutually benefiting both Myanmar and China.

During Chinese President Xi Jinping's state visit to Myanmar on Jan. 17-18, the two sides agreed to strengthen their BRI cooperation, and work hard to push forward the construction of the Kyaukpyu Special Economic Zone (SEZ), according to a joint statement issued by the two countries on Saturday.

Master plan

In 2014, the Myanmar government invited bidders from around the world for its plan to set up the Kyaukpyu SEZ, one of the country's three national SEZs, in an effort to kick-start the local economy and raise living standards.

The master plan includes a deep-sea port and an accompanying industrial park nearby.

In 2015, a consortium of six companies led by the China International Trust and Investment Corporation (CITIC) won the tender for building the Kyaukpyu SEZ. Three years later, after a marathon of negotiations, the CITIC-led consortium struck a framework agreement with Myanmar on the project.

Port development is divided into four phases, according to the CITIC Group, and the first stage involves the construction of two berths with a total investment of 1.3 billion U.S. dollars. The construction of the port will soon commence after completing economic and social impact assessments.

With the newly reached consensus, the Kyaukpyu port project should pick up pace, raising hopes the project will substantially transform the economic landscape of the township and inject fresh vitality into Myanmar's drive for sustainable development and prosperity for its people.

The CITIC consortium told Xinhua that the port and the industrial park combined will create more than 100,000 jobs each year for local residents and create tax revenues of 15 billon dollars during the initial franchise period of 50 years.

BRI win-win

More than six years after China first put forward the BRI, a grand undertaking to build a trade and infrastructure network linking Asia with Europe, Africa and beyond, the Kyaukpyu deep-water port will join the ever-expanding list of BRI projects.

In fact, the port is not only a pivotal point in the "Y"-shaped China-Myanmar Economic Corridor, but also a key project that is win-win in nature in the global blueprint of BRI cooperation.

The multi-purpose container port, if completed, is expected to improve transport and logistics, strengthen inter-connectivity and spur the local economy.

The deep-water harbor will help China, Myanmar and other countries enhance trade and play an important role in accelerating regional economic integration.

"With the Kyaukpyu project and the building of the China-Myanmar Economic Corridor, Myanmar can embrace new development opportunities. It's a win-win affair," said Hu Biliang, executive dean of the Belt and Road School at Beijing Normal University.

The Kyaukpyu SEZ project could consolidate trade and economic ties between Myanmar and China's southwest region, push for stronger cooperation in capacity building, and facilitate the development of an export-oriented economy in southwest China.