Chinaand Myanmar on principle agree to renegotiate the deep sea port project inKyauk Phyu which may cost USD 1.3 billion.

"Itis learned that the junta leader Min Aung Hlaing has agreed to discuss andnegotiate the contracts signed by the governments of China and Myanmar,"said a BETV Business report.

Apart of BRI, China's Modern Silk Road (one belt and one route), the initiativecomprises Kyauk Phyu Special Economic Zone, deep sea port and residentialcomplexes. The deep sea port project has already launched.

Variouslocal social activists allege that the China's project will not be useful forRakhine people, rather it will affect their livelihood and development.

"The current project may causedamages to the local environment. The previous Chinese projects (gas and oil pipelines) also harmed thelocal residents. They are not given any opportunities from the Chineseprojects,” said a local youth.

Accordingto previous agreements, $1.3 billion was planned for using in the project,where the Chinese government owned CITIC group owns 70 percent stakes and therest belong to Myanmar government.

Theframework agreement of the project was signed in November 2018. Theshareholders' agreement and concession agreement were signed in January andNovember 2020.

TheBeijing authorities will build the deep sea ports for Kyauk Phyu SpecialEconomic Zone where one will be 2,500 meter wide on Maday island and another1,500 meter wide on Rambree island.