Myanmar has grown wary of Chinese investment and has downsized some of its projects in the country.
The Chinese state media said the port deal was a significant step for the continued implementation of the Belt and Road.
"The signing of the framework agreement marks a significant step for the port project, which has been stalled since 2015, and for the continued implementation of the China-proposed Belt and Road Initiative (BRI), which has come under increased scrutiny because of cases such as the Kyaukpyu port project," the report said.
"Prolonged negotiations fuelled criticism of the BRI, which some foreign critics said could add to local debts and even threaten other countries' sovereignty."
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)