Myanmar, Russia sign MOU to boost economic coordination
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Hsu / Phoo Pyae (NP News) - Sep 15
The UMFCCI (Union of Myanmar Federation of Chambers of Commerce and Industry and Saint-Petersburg Chamber of Commerce and Industry signed a memorandum of understanding to promote economic coordination between Myanmar and Russia, according to a press statement released by the Myanmar Embassy in Moscow on September 14.
The MOU was signed at the St. Petersburg - Myanmar Business Forum held from 12th to 13th September in St. Petersburg, Russia.
Mr. Lwin Oo, Ambassador Extraordinary and Plenipotentiary of the Republic of the Union of Myanmar to the Russian Federation Lwin Oo attended and delivered a speech on multi-sectorial coordination between Myanmar and Russia including economic and trade and future plans at the forum.
Joint Secretary General of the UMFCCI Khine Khine Nwe and the President of Saint-Petersburg Chamber of Commerce and Industry Mr. Vladimir I. Katenev signed the MOU.
Personnel from Saint-Petersburg Governing and policy-making body, representatives from UMFCCI and Saint-Petersburg Chamber of Commerce and Industry, and heads of the business enterprises from Myanmar and Russia attended, and openly discussed possible economic promotion and coordination between the two countries.
Relevant ministries of the two countries signed agreements on the establishment of the Inter-Governmental Russia-Myanmar Joint Commission on Trade and Economic Cooperation on August 29, 2014.
Although the total trade volume between Myanmar and Russia is quite low yet; plans are undergoing to increase trade and investment.
At present, Russian investment in Myanmar is about 94m USD standing 22nd place in FDI in Myanmar.
Opportunities are blossoming with plans to coordinate in five sectors including banking, insurance, agriculture, farming and animal husbandry, fishery, oil and gas, energy, food, and mining sectors.