Remarkably, the BRI is Beijing’s plan to redraw the global economy and involves the building of ports; railways; roads and much else across Asia and Europe and is estimated to cost $1 trillion.
The objective of the plan is to revitalize the region and further connect it to major shipping lanes which in turn will see it import and export energy and goods, especially from the Middle East and Africa.
The two parties agreed to develop a Special Economic Zone (SEZ) in Kyaukpyu in Myanmar’s Rakhine state, revolving around the new port. What is more, the port is expected to be developed by a consortium led by state firm CITIC.
Additionally, it is one of 33 deals signed between China and Myanmar that comprise the China-Myanmar Economic Corridor during Xi Jinping’s state-visit, the first by a Chinese leader in 19 years.
The area is already the site of twin pipelines through which oil produced in Myanmar is delivered and exported to China.
What is more, it is said that the Anaklia Deep Sea Port, the Georgian first deep-sea container port, was expected to begin operations in 2020. The port’s designed depth was 16 meters allowing for vessels of up to 10,000 TEUs of capacity to berth at the port, with the project development consisting of 9 phases, with an aggregate investment of USD 2.5 billion.