Myanmar’s trade with Italy in the last mini-budget period totaled $175.93 million, making the fifth largest trade partner in the European Union after Germany, the United Kingdom, Netherlands and France.
In the period from April to September this year, exports to Italy stood at $105.47 million, while its imports were valued at $70.46 million, according to data released by the Ministry of Commerce. Myanmar exported rice, pulses, dried tea leaves, coffee, apparel and fisheries products to Italy, and imported cosmetics, food and beverages, and consumer goods.
However, an EU mission visited Myanmar to explore the possibility of revoking its access to GSP (Generalized Scheme of Preference), in the backdrop of allegations of violations of human rights and workers’ rights against the country. Trade unions and businesses have strongly opposed any move to review the trade privileges.
Italian investors have so far not invested in Myanmar. However, Italian businesspersons recently met with officials from UMFCCI. They showed a keen interest in investing in the power sector, and discussed matters regarding power distribution, generation, transformers and sales of electronics and appliances.