Myanmar seeks global investment in HRD & tech transfer: Amb Moe Kyaw Aung
EXCLUSIVE: As Myanmar transitions from resource-based investment to technology and knowledge-based investment, it encourages collaboration of development partners in textiles, mining, oil and gas, energy, healthcare, information technology, and agrochemicals.
NEW DELHI: As Myanmar stands on the threshold of new opportunities, it welcomes global partners, particularly from India, to participate in the burgeoning economic landscape of Myanmar. Emphasizing sustainable development, Myanmar seeks investments that facilitate human resource development and technology transfer. As Myanmar transitions from resource-based investment to technology and knowledge-based investment, it encourages the collaboration of development partners in this transformative journey.
Myanmar envoy to India Ambassador Moe Kyaw Aung said the above during his address at the commemoration of 75″ Anniversary of India-Myanmar diplomatic relations event held at the embassy premises recently. Meenakshi Lekhi, Minister of State for External Affairs and Culture was also present. Ambassador of Russia, Thailand, Mongolia and head of missions of various countries and Indian bureaucrats were also present on the occasion. Also present were Mrs. Tin Tin Htwe Win, Deputy Chief of Mission/ Minister Counsellor, Embassy of Union of Myanmar, and other embassy staff.
“A glance at the prevailing bilateral trade and investment dynamics between Myanmar and India reveals noteworthy insights. Presently, India ranks as the 11th largest contributor to Myanmar’s investment inflow, accounting for 0.84% of total foreign investments. This demonstrates the substantial potential for greater investment in Myanmar. The gamut of potential industries encompasses textiles, mining, oil and gas, energy, healthcare, information technology, and agrochemicals,” said the Myanmar Ambassador.
He said that addressing the sphere of trade, India prominently featured as a vital trading partner for Myanmar, the fifth-largest trading partner, accounting for 4.01% of Myanmar’s international trade. The trade relations between two countries are underpinned by products such as Black Matpe, Toor Whole, Betel Nut, Hardwood and Plywood, Metal and Ore, Natural Rubber, Fish, Red Kidney Bean, Garment, and various minerals.
“Exploring further trade settlement, negotiations between the Central Bank of Myanmar and the Reserve Bank of India have been underway, aiming to establish a rupee/kyat payment system. Upon successful conclusion, this arrangement could pave the way for direct payments in the respective currencies, thereby fostering increased trade and investment opportunities,” he added.
The Diamond Jubilee celebrations event commemorating 75 years of India-Myanmar relations was organized by the embassy with the support of Global Trade & Technology Council (India), India International Entrepreneur Federation and Myanmar, and India Goodwill and Development Association on December 23. Previously this year, the India Goodwill Diplomatic Relationship event was held in National Theatre on MyomaKyaung Street, Dagon Township on 14th May.
The New Delhi event witnessed presence of personnel from the ministries concerned in India, diplomatists based in India, trader’s associations and businessmen. Apart from cultural programmes involving dance performances and fashion show, the event also arranged for panel discussions to promote business and culture between countries, business matching programs among businessmen, trade fair, and gala dinner.
Dr. Gaurav Gupta, Founder President, Global Trade & Technology Council (India) said that 75th Anniversary celebration of India Myanmar diplomatic relations was in the series of many events the GTTCI successfully organised during the current year such as GTTCI Maharashtra Inauguration by Hon’ble Governor Ramesh Bais ji, Grand Success of AGM: Global Diplomacy Gala Night, and Forums for Better Connectivity: A Step Forward.
While talking about the upcoming GTTCI activities in the future, Dr. Guota said, “Looking ahead, GTTCI is excited about upcoming forums, including the GTTC India-Ethiopia Forum, GTTC India-Myanmar Forum, GTTC India-Kyrgyzstan Forum, and an official delegation from Kien Giang, Vietnam. These events are poised to open new horizons for collaboration and mutual growth.”
The year 2023 marks the Diamond Jubilee Anniversary of Myanmar India diplomatic relations. The two countries established the diplomatic relations on 4 January 1948 the very same day of Myanmar’s independence.
Since then, Myanmar and India have been enjoying traditionally close friendship and amity based on mutual respect, mutual understanding, and good neighbourliness.
In addition, Myanmar and India have long-cherished the cordial bilateral relations even before the establishment of diplomatic relations through cultural and religious affinities as well as people-to- people contacts.
Successive governments of both countries have also maintained close and friendly relations in line with the Five Principles of Peaceful Co- existence. Myanmar always attaches great importance to fostering bonds of friendship with India and, based on our independent, active and non-aligned foreign policy. Myanmar continues working together with India for peace, stability, and prosperity of our two countries and the peoples as well as our region.
