Xinhua, Yangon :
Myanmar’s Trade Promotion Organization (MyanTrade) of the Ministry of Commerce and the European Chamber of Commerce in Myanmar (EuroCham) have reached a memorandum of understanding on economic cooperation, the official Global New Light of Myanmar reported Sunday.
Under the MoU signed in Yangon on late Friday, expansion and development of business and relationship will be carried out between Myanmar and the EU by conducting various activities.
It is the first MoU of MyanTrade signed with foreign chamber to promote investment of the companies of EU and to improve market access and exposure of Myanmar, David Levart, chairman of EuroCham was quoted as saying.
The MoU will be instrumental in setting up the strategic priority to promote trade and investment between Myanmar and the EuroCham, he added.
U Aung Htoo, Myanmar Deputy Minister of Commerce, said the newly signed MoU is expected to highly support implementation of the ministry’s export strategy and the country’s export target to European countries.
Major trading sectors between EU and Myanmar are textile, agro-product, fishery and forestry.
Meanwhile, EuroCham is planning to publish a business confidence survey – 2017 by mid-December , while the last survey issued in 2016 states key insights into the current business environment of Myanmar as experienced by European companies.
Myanmar government has expressed welcome of investments from the European countries for sustainable and inclusive economic development of the country.
At a Myanmar-EU Economic Forum ,organized by the European Chamber of Commerce in Myanmar and held in Nay Pyi Taw in June, U Myint Swe, Myanmar’s vice president, said the government believed that various technical know-how will be brought into the country along with the investment from the EU and this will enhance friendly relations and beneficial cooperation between Myanmar and the EU.
