Mizzima

Businesspeople from Yunnan province in China were invited to Myanmar and offered the opportunity to invest in the power sector and other sectors.

Union of Myanmar Federation of Chambers of Commerce and Industry’s (UMFCCI) officials met the Chinese delegation, led by Dr. Gao Feng, the chairperson of the Yunnan Provincial General Chamber of Commerce (YPGCC), on 17 October 2023. They exchanged ideas on trade and economic affairs, such as boosting bilateral economic cooperation and enhancing trade.

“Yunnan is an important hub in trade and economic cooperation with Myanmar. The federation also invited investments in the power sector and other sectors”, said the UMFCCI Chairman, Aye Win.

“Myanmar’s agricultural produce is primarily sent to China. The UMFCCI asked the YPGCC to assist Myanmar businesses to meet China’s import rules and regulations”, he added.

The YPGCC Chairman,. Dr. Gao Feng, said: “The purpose of the visit is to reinforce the Memorandums of Understanding (MoUs) signed between Yunnan and Myanmar, cooperate in the energy and mining sector, disaster mitigation, tourism, poverty alleviation and to upgrade the Myanmar-China Economic Corridor.”

He also said that the business people from Yunnan who had accompanied him to Myanmar would help bolster economic and trade cooperation between Yunnan and Myanmar.

Myanmar is currently Yunnan’s largest trading partner.

Previously, Myanmar and China signed an MoU on 7 February 2021 to implement the Myanmar-China Economic Corridor (CMEC), which is part of China’s Belt and Road Initiative (BRI).

The BRI was announced in 2013 by the then Chinese President, Xi Zheng Pin. It includes 38 projects to build railroads, highways, special economic zones, ports and satellite towns.