Chinese firms seek business link with Myanmar

Updated: 2015-03-11 10:12


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YANGON -- A delegation comprising business leaders from 40 State-owned enterprises from China's eastern port of Tianjin on Tuesday held a meeting with their Myanmar counterparts to explore businesses and trade opportunities

The Tianjin delegation was led by Li Fuming, Chairman of State-owned Assets Supervision and Administration Commission of Tianjin Municipal People's Government (TJ-SASAC) while the Myanmar delegation was headed by Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Vice President Dr Myo Thet.

A Memorandum of Understanding (MoU) was signed between U Zaw Naing Thein, CEC member of UMFCCI and Myanmar Investment Committee Chairman, and Liu Jianzhong, Deputy Director of TJ-SASAC to promoting the economic and trade relations between Myanmar and Tianjin.

UMFCCI has signed a total of 16 MoUs with China including the one with Tianjin in a bid to boost closer business ties between two countries.

Meanwhile, bilateral trade between Myanmar and China reached $7,016.24 in the fiscal year 2013-14.

According to official statistics, China's investment in Myanmar amounted to $14.49 billion in 87 projects as of January 2015, accounting for 27.25 percent of the total foreign input and ranking the 1st in Myanmar's foreign investment line-up since the country opened its door in late 1988.