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1st Business to Business Dialogue on Promoting Bilateral Trade and Investment Cooperation between Myanmar and Russia held

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The First Business to Business Dialogue on Promoting Bilateral Trade and Investment Cooperation between Myanmar and Russia is in progress online.

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1st Business to Business Dialogue aiming to promote bilateral trade and investment cooperation between Myanmar and Russia was held in the afternoon of 28 September 2021 with Virtual System at the meeting room of Office No (1), Ministry of Investment and Foreign Economic Relations, Nay Pyi Taw, Myanmar.
At the Dialogue, Union Minister for Investment and Foreign Economic Relations, U Aung Naing Oo delivered the welcome remarks and the Ambassador of the Russian Federation to the Republic of the Union of Myanmar, Dr Nikolay Listopadov made opening remarks.
Furthermore, the Ambassador of the Republic of the Union of Myanmar to the Russian Federation, the President of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, Chairman of Russia-ASEAN Business Council, Deputy Chief of the Committee for Economic Cooperation with Countries of Asia and Oceania of the Chambers of Commerce and Industry of the Russian Federation, President of the Siberian Association for International Cooperation with Asia and the Chair of Myanmar-Russia Friendship Association addressed keynote messages respectively.
In his welcome remarks, Union Minister U Aung Naing Oo said that the Intergovernmental Russian-Myanmar Joint Commission on Trade and Economic Cooperation Meeting has been agreed to be held alternately in both sides since the Commission had been formed in 2014 and the 3rd Joint Commission Meeting is planned to be hosted by Myanmar in December 2021 if when COVID-19 disease spread could be controlled. The 1st Business to Business Dialogue is also arranged before the 3rd Joint Commission Meeting on 28 September 2021 with the aim to share the information between two business communities in order to promote bilateral trade and investment. He also explained the measures focused on the trade liberalization and investment facilitation to be in line with the new normal situation and he highlighted the implementation of SMART Programmes; namely Streamlining and Simplifying Procedures, Maximizing Online Services and Minimizing Barriers to Business, Assuring After-care Services, Reducing Regulatory Burden and Transparency Enhancement.
Moreover, he informed the Russian investors about the initiatives of the government on the development of the Standard Operation Procedures for One-Stop Service Centre under the Myanmar Investment Commission in order to simplify and streamline the procedures of obtaining business-related licenses and permits from relevant government agencies. He urged business communities of both sides to conduct the exchange of the business information through B2B dialogue platforms in order to achieve the fruitful outcomes of future bilateral economic cooperation.
Then, the senior officials from the Ministry of Investment and Foreign Economic Relations and the Ministry of Commerce had made the presentations on “Investment Climate, Legal Framework and Opportunities to do business in Myanmar” and “Status and Future Prospect as well as opportunities for bilateral trade relations between Myanmar and Russia” respectively.
At the dialogue, the Russian side updated the Eurasian Economic Union’s Common System of Tariff Preferences offered by the Eurasian Economic Union to the developing countries. Therefore, Myanmar can enjoy the Tariff Preferences for its exports to Russia.
At the event, the five potential cooperation areas; Banking and Insurance, Agriculture, Livestock and Fishery, Electricity and Energy, Oil and Gas, Food Processing Industry and Mining were discussed by two sides. Senior Officials from Central Bank of Myanmar, Ministry of Electricity and Energy, Ministry of Natural Resources and Environmental Conservation and the representatives from Myanmar Banks Association, Myanmar Insurance Association, Myanmar Rice Federation, Myanmar Fishery Products, Processors and Exporters Association, Myanmar Oil and Gas Services Society, Myanmar Food Producers and Exporters Association and Myanmar Federation of Mining Association also made presentations on the existing and future bilateral trade and investment cooperation. After hearing the presentations, Russian companies actively participated in the Q & A Session and the Myanmar side frankly responded to queries. From the Russian side, six international companies also presented their existing business situation in the areas of Agriculture, Livestock and Fishery, Electricity and Energy, Oil and Gas, Food Processing Industry and Mining.
This dialogue was attended by the Deputy Minister for Investment and Foreign Economic Relations and departmental senior officials from Ministry of Foreign Affairs, Ministry of Planning and Finance, Ministry of Agriculture, livestock and Irrigation, Ministry of Natural Resources and Environmental Conservation, Ministry of Electricity and Energy, Ministry of Commerce, Central Bank of Myanmar and representatives from the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, Myanmar Banks Association, Myanmar Rice Federation, Myanmar Fertilizer Seed and Pesticide Entrepreneurs Association, Myanmar Fishery Products, Processors and Exporters Association, Myanmar Fruit, Flower and Vegetable Producer and Exporter Association, Myanmar Oil and Gas Services Society, Myanmar Food Producers and Exporters Association and Myanmar Federation of Mining Association, Myanmar- Russia Friendship Association from Myanmar side and concerned personnel and businessmen from the committee for Economic Cooperation with Countries of Asia and Oceania of the Chambers of Commerce and Industry of the Russian Federation, Siberian Association for International Cooperation with Asia , Embassy of Russian Federation, Yangon. Nearly 200 participants joined the event. — MNA

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