China, Myanmar sign package of cooperation agreements

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Last updated at: (Beijing Time) Wednesday, March 24, 2004

China, Myanmar sign package of cooperation agreements

China and Myanmar signed here Wednesday a package of 21 agreements, aiming to enhance trade and economic cooperation between the two countries.

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China and Myanmar signed here Wednesday a package of 21 agreements, aiming to enhance trade and economic cooperation between the two countries.

The main documents between the two governments include an agreement on economic and technical cooperation, a framework agreement on provision of concessional loan and a memorandum of understanding (MoU) on promotion of trade, investment and economic cooperation.

Other documents covered agreements, MoUs and contracts on cooperation in projects of communications, power plants, agricultural technology, agricultural machinery manufacturing, mineral exploration, fertilizer and railways.

The signing was witnessed by visiting Chinese Vice-Premier Wu Yi and Myanmar Prime Minister Khin Nyunt following talks between them.

The signing of this package of agreements came a day after Wu arrived in Yangon Tuesday on a five-day official visit to Myanmar, bringing a strong group of some 40 Chinese leading entrepreneurs.

The bilateral economic and trade relations between China and Myanmar continued to develop in recent years with their bilateral trade, including the border trade, exceeding 1 billion US dollars in 2003. Myanmar's exports to China amounted to about 170 million and its imports from China 900 million.

Under the economic and technical cooperation between the two countries, Chinese companies have initiated a large number of projects in Myanmar, covering hydropower plants, communication network projects, cement and paper plants, agricultural machinery factories, bridge projects and processing of forest and marine products.

Myanmar official figures indicate that China has so far injected over 64 million dollars into the country in over 10 projects, ranking the 15th in the line-up of Myanmar's foreign investment.

Myanmar is the third leg of Wu's four-nation tour to Southeast Asia and South Asia. She has visited Laos and Cambodia, and will proceed to Maldives after Myanmar visit.

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