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June 04, 2020

Promote business opportunities through bilateral relations with Europe

  • The State Counsellor concluded her working visits to the Czech Republic and Hungary recently, in which she sought to boost relations with the two European countries.
    Myanmar only recently opened up to the rest of the world. We are also the last frontier for economic expansion among Southeast Asia countries, and we hope we will prove attractive for the Czech Republic and Hungary.
    Throughout the 1960s, Myanmar was one of the Czech Republic’s largest trading partners in South East Asia, and remains an important partner to this day. The two-way trade volume reached USD 24 million, and there is still ample potential for growth.
    We are confident that the re-opening of the Myanmar Embassy during the State Counsellor’s visit to Prague will help promote further cooperation between the two countries.
    Meanwhile, Myanmar and Hungary will soon be able to accelerate the cooperation process between both countries to promote bilateral relations, to provide Tied Aid Credit loans from Hungary to contribute development projects in Myanmar, while promoting trade and investment between Myanmar and the EU.
    We thanked Hungary for the understanding and constructive support extended by Hungary to the Myanmar Government’s efforts in Rakhine State and national reconciliation.
    Political democratization, peace negotiations and the Rakhine issue are the parts of Myanmar’s transition that captures world attention and makes headlines. But, few seemed interested in what the Myanmar people wanted from the transition, along with their hopes, as they stoically waited for more than half a century to express the longing in their hearts. Clean water, all-weathered roads, electricity, better education facilities and better health care are the major needs of the people.
    These basic needs are too simple to attract the interest of the world, but of paramount importance to the people of Myanmar.
    Myanmar’s transition over the past three years, in terms of progress, has been fulfilling those essential needs and hopes of the people of Myanmar.
    Myanmar sits at a strategic geographic and market crossroad – between China, India and ASEAN countries. Myanmar has a sizeable and expanding internal market, with a population of 54 million, which will surely benefit from greater cooperation and integration with external markets.
    Myanmar’s economic growth for 2020 is expected to reach 6.8% – one of the highest growth rates in Southeast Asia, within the world’s fastest growing and most dynamic region.
    The trade volume between Myanmar and Europe has increased from US$1.27 billion in the 2016-2017 fiscal year to US$2.07 billion in the 2017-2018 fiscal year. The investment in Myanmar from European countries reached US$6.87 billion.
    This reflects the growing confidence of investors. Although many challenges remain, the progress achieved since the reform process commenced in 2011 is nothing short of remarkable.


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