Malaysia and Myanmar to strengthen bilateral ties

Categories: Economy News
      Date: Mar 30, 2012
     Title: Malaysia and Myanmar to strengthen bilateral ties

Malaysia and Myanmar are looking to strengthen bilateral ties following the official visit of Prime Minister Datuk Seri Najib Tun Razak to the republic and the latter’s drive to implement political reforms as well as introduce new trade and investment regulations.

The Prime Minister, who was accompanied by his wife Datin Seri Rosmah Mansor, is leading a 50-member delegation comprising Cabinet Ministers, top officials and corporate leaders on a two-day visit to Myanmar.

Datuk Seri Najib yesterday had a meeting with Myanmar President U Thein Sein at the President's Office in the new capital city of Naypyitaw, which is an hour's flight from Yangon.

In a joint press release following the meeting, both leaders expressed their commitments to enhance bilateral trade and investments between the two countries and agreed to consider increasing cooperation in Myanmar in the areas of plantation, agriculture, energy, construction, manufacturing, telecommunications, tourism and hospitality, in which Malaysia has the expertise to offer.

The two leaders also noted the strong cooperation in the areas of labour and human resources between Malaysia and Myanmar while acknowledging the importance of tourism in promoting greater understanding and friendship between the people of the two countries.

Currently, there are close to 260,000 Myanmar nationals working in Malaysia.

As Myanmar will be hosting the 27th SEA Games next year, both countries yesterday also agreed to strengthen cooperation in the field of sports including assistance and sharing of experiences in hosting the SEA Games.

The two leaders also agreed to hold a Joint Commission Meeting, to be chaired by their Foreign Ministers. The meeting will focus on facilitating consultation and cooperation in areas of common interest.

Datuk Seri Najib is scheduled to attend a business luncheon in the capital city and witness the signing of a number of memoranda of understanding between Malaysian and Myanmar companies in the oil and gas and finance sectors as well as in skills training.

He will also meet some 200 Malaysians now living in Myanmar.

Meanwhile, Malaysian companies have already made inroads into Myanmar particularly in the oil, properties, hotel and manufacturing sectors with total investments of US$977.46 million (RM2.99 billion) as at December 2011, making Malaysia the seventh largest source of foreign investments in Myanmar.

Myanmar which joined the Association of Southeast Asian Nations (Asean) 15 years ago will take over the chairmanship of Asean in 2014 followed by Malaysia the following year.

Adapted from New Straits Times and The Star 29 March 2012