The Fifth Myanmar-Russian Intergovernmental Trade and Economic Cooperation Commission meeting was held yesterday at the Myanmar International Convention Centre II in Nay Pyi Taw to enhance trade and economic cooperation between the two countries.

          Union Minister for Investment and Foreign Economic Relations Dr Kan Zaw and Minister of Economic Development of the Russian Federation Mr Maxim Reshetnikov cochaired the meeting.

          The meeting was divided into four segments: a closed-door meeting, a plenary session, a memorandum signing ceremony and an economic forum.

          Present at the closed-door meeting were State Administration Council (SAC) Member, Deputy Prime Minister and Union Minister for Transport and Communication General Mya Tun Oo, SAC Member General Nyo Saw, Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein, as well as Union ministers and deputy ministers from relevant ministers of Myanmar and the deputy minister of Economic Development of the Russian Federation along with Russian delegates.

          The plenary session of the Fifth Myanmar-Russia Intergovernmental Trade and Economic Cooperation Commission meeting continued, where the co-chairs and the Russian Ambassador to Myanmar Mr Iskander Azizov delivered opening speeches.

          In his opening remarks, Union Minister Dr Kan Zaw highlighted that Myanmar-Russia trade and investment relations have significantly progressed since the State Administration Council assumed responsibilities. He stated that Myanmar’s collaboration with the Eurasian Economic Union (EAEU) would provide access to European markets, while Russia could further expand into Asian markets. He invited Russian investors to collaborate on transportation sector development, industrial modernization and infrastructure expansion.

          He also noted that direct flights between Myanmar and Russia were currently operational, which would further promote tourism. The Union Minister then expressed confidence that the agreements and discussion from the meeting would strengthen bilateral relations, enhance trade and investment and contribute to the mutual economic benefits of both countries.

          Russian Minister of Economic Development Mr Maxim Reshetnikov remarked that since the fourth commission meeting, there had been noticeable improvements in bilateral cooperation, not only in trade and investment but also in infrastructure projects and banking sector collaboration. He emphasized that Russian markets remained open to Myanmar Businesses and that the Russia-Myanmar Economic Forum would continue to foster networking opportunities for entrepreneurs from both nations.

          Russian Ambassador to Myanmar Mr Iskander Azizov added that both nations prioritized cooperation in the energy, nuclear technology, agriculture and mining sectors to increase trade volumes between Myanmar and Russia.

          The meeting continued with discussions on the progress of bilateral trade, investment, and economic cooperation, along with the signing of agreements to strengthen ties between Myanmar and Russia.