December 13, 2017

Investment, trade with Indonesian entrepreneurs discussed

Deputy Minister for Commerce U Aung Htoo delivers the opening address at the Indonesia-Myanmar Business Matching.  
Photo Zaw Min Latt

A Myanmar-Indonesia Business Matching Event took place at the Sule Shangri-la Hotel in Yangon yesterday.
To upgrade investment and trade, 50 entrepreneurs from 33 Indonesian companies and 50 Myanmar entrepreneurs discussed matters from the sectors of solar energy, coal, pharmaceuticals, electricity, meat and dairy, clothing, textiles, commodities, bags, perfume, soap, arts and crafts, coffee, tea and Indonesian traditional snacks.
“It was sponsored by the Indonesian Embassy with a view to promoting investment and trade in Indonesia. Entrepreneurs will negotiate with each other. They will export their products to Myanmar. Myanmar will also import the products they want. They will introduce their products and services to Myanmar. They will sell their products in Myanmar. Failing that, they will come to invest in Myanmar and to build up factories in the country”, said Dr. Maung Maung Lay, Vice-Chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), said in an interview after the event.
During the business matching event, H.E. Dr. Ito Sumardi, the Indonesian Ambassador to Myanmar, said investment and trade between the two countries has been increasing and should continue.
“Indonesia-Myanmar bilateral economic cooperation is increasing. During the ASEAN meeting, hosted by Myanmar in 2014, Mr. Joko Widodo pointed out that ‘Indonesia needs to invest in Myanmar in the sectors of mining, information and technology and infrastructures.’ Now that Indonesian companies are investing in Myanmar, entrepreneurs from both countries can find out opportunities for cooperating more than ever, through such a business matching, and we firmly believe that success can be achieved further”, said H.E. Dr. Ito Sumardi.
Myanmar’s deputy minister for commerce noted that Indonesia’s business success should be replicated.
“Indonesia is a G-20 member country. Being a leading country which started to set up ASEAN, Indonesia is economically the most powerful one in ASEAN member countries. Indonesia is the country which is seeking for FDI (Foreign Direct Investment) as well as international markets for the opportunities of trade and investment. We firmly believe that good results of agreement for upgrading trade and investment between the two countries and economically more beneficial cooperation through such a business matching will be achieved”, said U Aung Htoo, the Deputy Minister for Commerce.
Indonesia-Myanmar trade volume reached US$730 million last year. Compared to last year, bilateral trade volume from January to July increased by 35 per cent.

 

Nandar Win

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