Myanmar minister sees more trade growth with B’desh

Construction materials like iron bar, cement and other machinery equipments could be potential items for Bangladeshi businesses to export to neighbouring Myanmar, enhancing bilateral trade volume between the two countries.

"We import raw materials for construction like iron bar, cement, fertilizer and diesel from Bangladesh while export especially agriculture and marine products," Dr Pwint San, Deputy Minister at the Ministry of Commerce in Myanmar, told the FE in an interview at a city hotel recently.

Mr San was in Dhaka to attend the two-day ICC international conference, arranged by the International Chamber of Commerce-Bangladesh (ICC-B).

The bilateral trade volume between the two countries in the year 2013-14 was US$ 57.24 million, which was US$ 52.36 million in the previous year (2012-13). Till August of this year, it stood at US$ 24.5 million, he said.

"Since 2011, the bilateral trade volume is on rise. I hope that it will continue increasing more in the future," the Deputy Minister of Myanmar said.

Trade mode between the two courtiers is basically through border and sea, Mr San said.

Anticipating more trade with Bangladesh from both individual and government levels, Mr San said, "We see Bangladesh as a good trading partner. We always encourage people to people (P to P) and government to government (G to G) communication."

"The governments and private sectors (of both countries) are always trying to increase the trade volume between Bangladesh and Myanmar," he noted.

Bangladeshi businessmen are going to Myanmar for different business opportunists especially in energy and cement sectors, production of marine products at the industrial area of the later.

Regarding foreign direct investment (FDI) in Myanmar, Mr San said that many countries are interested in Myanmar; it is a promising land for investors.

Till August, 2014, he said, Myanmar received FDI worth US$ 39.3 billion in its history of the investors, China topped the list of investment amount, it invested US$14.38 billion, while Hong Kong US$ 6.48 billion and Singapore US$ 6.17 billion.

"They are investing in especially energy and electricity supply, oil and gas (36 per cent of total investment), power sector (33 per cent), manufacturing (7.9 per cent), transport and communication (6.8 per cent)," the deputy minister said.

In a query on importing readymade garment (RMG) from Bangladesh, he said, "In our country, the garment is booming. We are aiming to go to the manufacturing of RMG like that of Bangladesh."

In another query, he further said, "According to the energy policy, if you want to buy gas from Myanmar, you have to invest in the off-shore gas exploration in Myanmar under a contract of ratio sharing with the Myanmar government."

Mentioning Bangladesh having 160 million population as a large market for food, the Myanmar minister said, "We have adequate agriculture and marine products to help ensure food security of Bangladeshi people."

Regarding the issue of Rohingya community in Myanmar, Mr San said, "We are trying our level best to solve the issue in a stable and peaceful way. Our policy is in favour of peace and stability."

About the proposed Bangladesh, India, China and Myanmar-Economic Corridor (BCIM-EC), he said that it will increase progress and capacity of collaboration in the region.

When asked about the upshot of the ICC international conference, he said that absorption of the discussion points at the conclave and integration of those in the development programme of the participants' respective countries will help them to spur their economy.

[email protected]