China's Guangdong, Myanmar hold business conference in Yangon

19:20, April 08, 2010      

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A business conference of China's Guangdong province and Myanmar opened at the Traders Hotel here Thursday to seek business cooperation between the Chinese province and Myanmar.

The business conference, sponsored by the Department of Foreign Trade and Economic Cooperation (DFTEC) of Guangdong Province and co-organized by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), was attended by 68 businessmen of 34 enterprises from the Chinese province and 150 of 80 enterprises from the Myanmar side.

Introducing about Guangdong's trade and economic situation, Zhu Zenan, Deputy Director-General of the DFTEC of Guangdong, said the business conference is aimed at further exploring how to grasp the opportunity of the establishment of China-ASEAN Free Trade Area to expand opening up of bilateral cooperation sectors.

Noting that Guangdong attaches extreme importance to expanding the economic and trade cooperation with Myanmar, Zhu said that in recent years bilateral trade was on a trend of growing at a relatively fast rate and cooperation in the sectors of investment, contract project and services is also heading forward.

He disclosed that the total bilateral trade between Guangdong and Myanmar amounted to 250 million U.S dollars in 2009, up by 56. 9 percent.

Up to the end of 2009, Guangdong had two investment projects in Myanmar with a contracted investment of 60,000 dollars, he said, adding that in the same year, Guangdong won contract project and service cooperation project worth a total of 47.99 million dollars with accomplished business sharing 12.17 million dollars.

He believed that cooperation project contracts to be reached in the conference would strongly enhance the development of bilateral economic and trade cooperation.

On the occasion, U Win Myint, President of the UMFCCI , said bilateral trade between Myanmar and China is very encouraging and steadfastly growing. The normal trade between China and Myanmar increased to 1.827 billion dollars in 2008-09 from 1.69 billion in 2007-08, while the bilateral border trade volume also grew to 988. 22 million dollars in 2008-09 from 977.429 million dollars in 2007- 08, he disclosed.

Noting that China is one of Myanmar's major trading partners, he said Myanmar imports machinery, textile, electrical and electronic goods, chemicals and other personal goods from China, while exporting to China agricultural products such as beans and pulses, sesamum, fruits, fishery products, wood-based products, minerals and others.

Recalling that the UMFCCI has signed eight memorandums of understanding with various organizations from China, U Win Myint said there are still immense opportunities for trade and investment, citing Myanmar's vast natural resources such as forest, oil and gas, mine and minerals, gems, fertile plains, favorable climate, human resources and cultural heritage.

Noting that China ranks Myanmar's 4th largest foreign investor with 29 projects amounting to 1.333 billion dollars, he pointed out that there is wide scope for further investment in Myanmar for mutual benefits.

Introducing Myanmar's 18 special industrial zones, he welcomes China's scientific, technological and industrial expertise to contribute toward the development of bilateral cooperation.

A business matching between businessmen of the two countries followed then.

Source: Xinhua


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