Myanmar and Sri Lanka have projected to increase their bilateral volume by four fold this year to reach 25 million U.S. dollars from over 6 million dollars in the previous years, the local Pyi Myanmar reported Wednesday.
It was so proposed when officials of the Union of Myanmar Federation of Chambers of Commerce and Industry, and the Ceylon Chamber of Commerce met in Colombo late last month.
Sri Lanka mainly imports from Myanmar various beans and pulses, hardwood, cane product, rubber and wood log, while exporting to Myanmar coffee, cocoa, dye, flavoring and packing paper.
Meanwhile, Sri Lankan businessmen would like to import from Myanmar local-made Western medicine also , while their Myanmar counterparts are interested in buying in from Sri Lanka fertilizer and consumers goods, the report said.
In July this year, Sri Lankan Foreign Minister Rohitha Bogollagama visited Nay Pyi Taw, during which the two countries' Joint Commission for Bilateral Cooperation met for the first time since established in 1996.
In the near-end of August, Myanmar Acting Prime Minister Lieutenant-General Thein Sein toured Colombo, during which the two countries' leaders stressed the need to promote bilateral cooperation mainly in trade, tourism, agriculture, forestry, religious and cultural sectors.
On that occasion, two memorandums of understanding and one agreement were signed between the two countries respectively on cooperation in intelligence exchange, Buddhist literature studies and cultural exchange.
Sri Lanka has so far injected 1 million dollars' investment in Myanmar since 1988, Myanmar statistics show.
In November last year, Myanmar agreed with Sri Lanka to establish direct air and sea links to effectively boost bilateral trade ties between the two countries as proposed by Sri Lanka.
Currently, trade between Myanmar and Sri Lanka is transacted through Singapore.