China, Myanmar Sign Wide Ranging Business Deals
Sixteen memoranda of understanding have been signed between China and Myanmar at the China Sichuan-Myanmar Business Matching Conference, according to U Myo Thet, vice chairman of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The agreements cover cooperation in business and technology, weather forecasting, livestock and fisheries, agriculture and trading, hydropower electricity, oil and gas, communication and rural development.
“A committee will be formed for the cooperation of agriculture and loans to develop agriculture will be provided. A China-Myanmar Agriculture Center will be established. We also agreed on transparency principles, safety and environmental preservation and cooperation in power sector.”
The construction of the road stretching from China to Myanmar, Bangladesh and India, dubbed the “21st Century Silk Road” is included in the deals, as is an accompanying Asian Infrastructure Investment Bank cooperation.
China is Myanmar’s largest foreign investor with $14.68 billion invested in 74 projects, forming almost 30 percent of all foreign investments in Myanmar, according to Myanmar Investment Commission.
China and Myanmar signed more than 20 deals worth more than $8 billion when Chinese Premier Li Keqiang visited Myanmar in November last year, an apparent move to vie for more influence in the country as Myanmar opens up to the West.
By Tin Mg Oo - mmbiztoday.com
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