Myanmar Eyes to Boost Trade through Trade Facilitation Support
Myanmar aims to focus on reduction of its recurrent trade deficit by increasing exports through trade facilitation support delivered by regular development providers such as the Asian Development Bank (ADB), according to Aung Soe, Director General of Myanmar Trade Promotion Department (MyanTrade).
Myanmar is currently back on the right track after falling behind neighbours in economic development because of outdated ways of doing business, said Aung Soe. The nation now eyes to boost export of rice, pulses and beans, forestry products, fishery products, garment and rubber to its major trading partners including China and Thailand.
Myanmar continued to suffer trade deficit in the 2016-2017 financial year with trade gap value reaching more than $5 billion during the period, which is roughly the same amount if compared to the year earlier. The Ministry of Planning and Finance has projected the country’s foreign trade to hit $29 billion in the current financial year that started from April 1. It has estimated the trade deficit for the 2017-2018 fiscal to stand at nearly $1 billion.
Myanmar Intends to Become a Maritime Trade Hub in Asia
As the ASEAN (Association of South-east Asian Nations) countries give priority on improving connectivity within and beyond the region, Myanmar intends to become a hub of maritime trade in Asia by utilizing its geographical advantage of strategically situating between the two most populated countries – China and India, according to Myanmar Deputy Minister for Transport and Communications Kyaw Myo.
The development of ports and shipping industry would be a driving force for Myanmar’s deeper integration with the regional and global economy, said Kyaw Myo at the 15th ASEAN Ports and Shipping Conference 2017 that was held in Yangon, Myanmar.
Due to the poorly targeted investment for years, Myanmar’s transport infrastructure has reached the low end of the Asian benchmark, said Kyaw Myo. Now it is time to improve the transport infrastructure of the country effectively and systematically with regional and international cooperation, he continued.
Petrolimex and HTOO Group Agree to Jointly Do Business in Myanmar
Viet Nam National Petroleum Group (Petrolimex), an industry group from Vietnam, and Myanmar’s HTOO Group of Companies signed an agreement on Jul 14 to jointly do business in Myanmar.
Petrolimex has significant subsidiaries active in the fields of insurance, transport and trading besides working in petroleum and natural gas. At the signing event that took place in Ha Noi, Chairman of Petrolimex said that Myanmar is a promising oil and gas market and a golden land for investors. Petrolimex and its subsidiaries plans to send teams soon to Myanmar to study the market and local laws to draft business plans. HTOO General Director Pye Phyo Tay Za said that the deal would open up a new period in bilateral ties.
