UMFCCI, JCCM sign MoU to strengthen economic cooperation

February 15, 2018

THE Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Japan Chamber of Commerce and Industry in Myanmar (JCCM) signed a Memorandum of Understanding (MoU) on all-round economic cooperation and development at the Park Royal Hotel last Wednesday.

Yangon Region Chief Minister U Phyo Min Thein, Japanese Ambassador to Myanmar Tateshi Higuchi and his delegation attended the MoU signing ceremony.

Katsuji Nakagawa, chair of JCCM, and U Zaw Min Win, president of UMFCCI, signed the MoU to promote bilateral trade and investment, information and technology exchange, as well as human resource and infrastructural development. Katsuji Nakagawa noted, “The signing ceremony aims to make the people of the two countries realise Japanese companies have a strong interest in Myanmar, despite the controversial Rakhine issues.”

“Myanmar and Japan have established strong economic ties, in addition to the heavy capital brought into Thilawa Special Economic Zone. Japan has helped Myanmar in its economic development effort. With this MoU, more investments are likely to enter the country from Japan,” stated U Phyo Min Thein.

“Apart from government-to-government cooperation, Japan and Myanmar also have a business-to-business cooperation in the private sector. During its period of democratic transition, the investment law and the Myanmar Companies Law were enacted. The Myanmar Investment Commission grants incentives to foreign investors. I believe this MoU will bring significant increases in bilateral trade and promote investments,” said U Zaw Min Win.

From 1995 to 2017, Japan and Myanmar agreed to enter into 15 MoUs. Bilateral trade between Japan and Myanmar grew 2.2 times between 2012 and 2017.

Speaking during the signing event, the Japanese Ambassador said that Japan would continue to extend its assistance to Myanmar, especially in the field of social and economic development. Also, Japanese companies will invest more in Myanmar in the future, he added.

May Thet Hnin

Ref; The Global New Light of Myanmar