Union of Myanmar Federation of Chambers of Commerce and Industry’s officials met a delegation led by the chairperson of Yunnan Provincial General Chamber of Commerce (YPGCC) on 17 October 2023 and exchanged ideas on boosting bilateral economic cooperation and enhancing trade.
Yunnan Province is ranked 37th in the global economy. It plays a pivotal role in the Belt and Road Initiative. It is the commercial and transport hub. Myanmar is the largest trade partner of Yunnan Province and the biggest import sourcing and export market. In 2020, 190 non-financial foreign investment projects were brought into Myanmar.
UMFCCI President U Aye Win gave a remark at the meeting that “Yunnan is the important land port in trade and economic cooperation with Myanmar. 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. The federation also invited investments in the power sector and other sectors. The YPGCC plays a key role in the active involvement of private sectors to step up economic cooperation and trade promotion activities.”
Additionally, a Memorandum of Understanding to implement the Myanmar-China Economic Corridor (CMEC) was signed on 7 February 2018.
Dr Gao Feng, chairman of the YPGCC, addressed that the purpose of the visit is to reinforce the MoUs signed between Yunnan and Myanmar, cooperate in the energy and mining sector, disaster mitigation, tourism, poverty alleviation and upgrade the Myanmar-China Economic Corridor. Businesspersons from Yunnan accompanied him during his visit to bolster economic and trade cooperation between Yunnan and Myanmar.
Furthermore, bilateral investment development, communication development for trade promotion, information exchange, reinforcing practical cooperation, port business, rice supply, fertilizer supply, agricultural exports, digital transformation and cross-border trade were also highlighted at the meeting.
The representatives from the two chambers also discussed matters regarding potential cooperation opportunities and opinions on the mining sector, iron and steel, transport, e-commerce, tourism, agriculture, pharmaceuticals, sugarcane, sugar, peanut, vegetable, fisheries, food products, research and agricultural chemicals.
Source: The Global New Light of Myanmar