China and Myanmar Collaborate to Construct a China-Myanmar Economic Corridor
China and Myanmar are moving closer to signing an agreement to construct a China-Myanmar Economic Corridor (CMEC). Director-general of investment and company administration, Aung Naing Oo said that China and Myanmar will sign a memorandum of understanding regarding the construction of the Economic corridor.
China and Myanmar agreed on 15-point Memorandum of understanding at the working group level in February. The two countries agreed to collaborate across all the sectors including basic infrastructure, construction, manufacturing, agriculture, transport, finance, human resource development, telecommunications and technology in order to develop the CMEC.
Vice-president of the Federation of Chambers of Commerce of Myanmar, Maung Maung, said “Myanmar cannot be isolated from the Chinese Belt and Road initiative (BRI). Even if we have divergent views in terms of debt threat among the industry we cannot ignore this initiative.” This corridor would connect the southern Chinese province of Yunnan and Mandalay. It would also connect Yangon and Rakhine state of Myanmar.
Myanmar Supports China Silk Road Economic Belt as “A Super Connector”
Myanmar gave strength to Hong Kong for Belt and Road Initiatives as “a super connector” in a distinctive role during official visit to Hong Kong by Chair of Myanmar Investment Commission.
On June 28, Thaung Tun, newly appointed Chair of the Myanmar Investment Commission (MIC), who is also a cabinet minister visited Hong Kong for the third Belt and Road Summit jointly organized by the Government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council (HKTDC). This year’s Summit is themed “Collaborate for Success” was held at the Hong Kong Convention and Exhibition Centre (HKCEC). During visit, Aung Naing Oo from the Directorate of Investment and Company Administration (DICA) and Nilar Kyaw from the Yangon government as well as business leaders attended the Summit.Belt and Road Summit Initiative (BRI) or China Silk Road or Economic Belt Road is a development strategy proposed by the Chinese government which focuses on connectivity and cooperation between Eurasian countries, primarily the People’s Republic of China (PRC), the land-based Silk Road Economic Belt (SREB) and the ocean-going Maritime Silk Road (MSR).
“Myanmar has always attached and continues to attach great importance to Hong Kong. We are aware that Hong Kong is one of the best places in the world to do business.” said Thaung Htun. “Our relations go way back to the colonial times. We want to provide a mutually beneficial relationship. With Myanmar opening up, there is an opportunity for Hong Kong investors to jump on the bandwagon and join the great numbers of investments coming to Myanmar. Hong Kong is an extremely well-connected city, and Myanmar is only three hours away by flight,” the MIC chair continued. Citing the new Investment Law and Companies Law, he stressed that “the time is ripe to invest in Myanmar” and pledged that the country “will be transparent, efficient, and friendly to our investors” to “seek to promote responsible investments.”