Malaysian entrepreneurs seek more trade, investment in Myanmar

A 26-member Malaysian entrepreneurs' delegation will visit Myanmar next week to seek more trade and investment opportunities in the country.

During a four-day visit from May 9 to 12, the Malaysian business delegation, led by Federation of Malaysian Manufacturers Tan Sri Soong Siew Hoong, will hold a business matching session with its Myanmar counterparts. The two sides will discuss issues of employment of competent workers and purchasing of timber, agricultural and marine products, finished leather and other products from Myanmar, according to the Union of Myanmar Federation of Chambers of Commerce and Industry on Wednesday.

The delegation will also offer to sell some Malaysian products including palm oil products, auto parts, first aid equipment, fertilizer, building materials and steel ware in Myanmar, the sources said.

Intended investment in the country covers agro-based food industries, production of fertilizer and drinking water, the sources added.

Myanmar and Malaysia agreed in February 2004 to set up a joint commission for bilateral cooperation to promote the two countries' bilateral cooperation including economic and trade cooperation.

According to official statistics, Malaysia stands as Myanmar's fourth largest foreign investor after Thailand, Singapore and the United Kingdom with 660.75 million US dollars of contracted investment, mostly in the sectors of oil and gas, hotel and engineering services.

Figures also indicate that bilateral trade between Myanmar and Malaysia amounted to 233.3 million dollars in the fiscal year 2005- 06, with Myanmar's import from Malaysia standing at 140 million dollars and its export to Malaysia taking 93.3 million dollars.

The bilateral trade figures for the first half (April-September) of 2006-07 reached 90.01 million dollars, with Myanmar's import from Malaysia registering 52.6 million dollars and its export to Malaysia 37.41 million dollars.

Source: Xinhua