Myanmar-Japan business communities explore potential to boost economic cooperation

Attendees to 11th Joint Meeting of  Myanmar-Japan CCI Business Cooperation Committees pose for documentary photos in Yangon on Wednesday
Attendees to 11th Joint Meeting of
Myanmar-Japan CCI Business Cooperation Committees pose for documentary photos in Yangon on Wednesday

The two leading business communities from Myanmar and Japan held a meeting in Yangon on Wednesday, with officials making presentations of business opportunities and sharing ways and means to boost economic cooperation between the two nations.
The 11th Joint Meeting of Myanmar-Japan CCI Business Cooperation Committees kicked off with messages sent to the meeting by Myanmar President U Thein Sein and Japanese Prime Minister Mr. Shinzo Abe.
Next, expert briefings on the business potential of the agro-food industry in Myanmar, Myanmar’s SME potential, and human resources development for SME development by officials from the two sides followed.
The presentation on the agro-food industry in Myanmar revealed that Myanmar still has 14. 06 million acres of land for reclamation and it has a large market for farm machinery manufacturers and services providers. It highlighted the country’s production of rice with an annual surplus of about 2 million metric tons and described manufacturing agricultural inputs and related support products, the fertilizer industry, pesticide industry and seed industry as potential supporting industries.
Agriculture in Myanmar accounts for 60 percent of the country’s gross domestic product, 65 percent of employment and 17 percent of total export earnings, it said.  Regarding the SME sector which is positioned as the main driver for the country’s economic growth, the presentation pointed out the needs for financial capital, skilled human resources and market access to ensure the development of the SMEs in the country.
During the joint business cooperation meeting, a 30-member Japanese business delegation led by Japanese Ambassador to Myanmar Mr. Tateshi Higuchi and Mr. Yoichi Kobayashi, chairman of the Japan-Myanmar Chamber of Commerce and Industry Business Cooperation Committee (JMBCC), held business talks with officials from the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) led by Deputy Minister for Commerce Dr Pwint Hsan and RUMFCCI President U Win Aung at the RUMFCCI building.
Japan is Myanmar’s third-largest trading partner. From 1-4-2013 to 10-1-2014, Myanmar’s exports to Japan was at $391.445 million while its imports from Japan was $1,007.727 million. Up to 31 January 2015, Japan’s investment in Myanmar in 46 projects totalled $284.728 million.

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