Myanmar has approved a joint venture with a Chinese company to develop the Kyaukphyu deep-sea port as part of the China-Myanmar Economic Corridor, which is integral to China's Belt and Road Initiative. The project aims to enhance China's access to the Indian Ocean and is projected to include an industrial zone and various manufacturing facilities. With a total investment of around $1.5 billion for the first phase, the joint venture consists of a 70% stake held by the Chinese consortium CITIC and 30% by Myanmar.