A Myanmar delegation led by Union Minister for Planning and Finance U Win Shein, Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo, Union Minister for International Cooperation U Ko Ko Hlaing, Union Minister for Electric Power and for Energy U Thaung Han and Union Minister for Commerce Dr Pwint San, and Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe, attended the 25th St. Petersburg International Economic Forum-SPIEF’22 from 15 to 18 June in the Russian Federation.

Prior to the forum, on the afternoon of 14 June, Union Minister for Electric Power and for Energy U Thaung Han and the delegation received Mr Rodionov Nikita, Deputy Director-General for Foreign Economic Relations of Sigma LLC Co., Ltd, and discussed the production of petroleum products and issues related to import, sale and construction of the refinery.

On the first day of the forum on 15 June, Union Minister U Aung Naing Oo met with officials of Sigma LLC Co., Ltd and discussed the investment opportunities and regulations in Myanmar’s energy sector. Furthermore, Union Minister U Thaung Han and the delegation also visited Baltic Shipyard in St. Petersburg and observed the ship-building measures in the shipyard.
In the evening, Union Ministers U Win Shein, U Aung Naing Oo, U Ko Ko Hlaing and Dr Pwint San and a delegation accompanied by Myanmar Ambassador to Russia U Lwin Oo attended a working dinner hosted by Mr Sergei Glazyev, Minister in Charge of Integration and Macroeconomics of the Eurasian Economic Commission. They discussed banking and payments issues between the two countries, investment and trade issues, enhancement of economic cooperation between Myanmar and Eurasian Economic Union member states, signing of the Memorandum of Cooperation between Myanmar and the Eurasian Economic Commission, practical capacity-building programmes between Myanmar and Eurasian, promotion of cooperation between ASEAN and the Eurasian Economic Commission, and the signing of a free trade agreement between Myanmar and the Eurasian Economic Commission.

On the second day of the forum on 16 June, the Myanmar delegation attended the EAEU-ASEAN meeting, where Union Minister U Aung Naing Oo discussed the technological and industrial cooperation between EAEU and ASEAN, carbon offsets in energy use, joint implementation of environmental and climate change projects, issues related to the implementation of the digital process and the establishment of digital infrastructure. In addition, Union Ministers U Aung Naing Oo and Dr Pwint San held talks with Mr Maksim Reshetnikov, Minister for Economic Development of Russia about hosting the 3rd meeting of Russia-Myanmar Intergovernmental Commission on Trade and Economic Cooperation, signing of the Russia- Myanmar Economic Cooperation Development Strategy (Draft), promotion of investment and trade between the two countries and establishment of industrial zones in Myanmar for Russian businesspersons.

In addition, Union Minister U Thaung Han and the delegation received Mr Alexey Likhachev, Director-General of ROSATOM State Nuclear Energy Corporation. During the meeting, they discussed the situation of the production of equipment using Russia's nuclear energy technology. The Union Minister also clarified the consumption of electricity in Myanmar.

On the second day of the forum, the Union Minister for Electric Power and for Energy and Ambassador U Lwin Oo attended the signing ceremony of the Memorandum of Understanding on Electricity Cooperation between INTER RAO-Export LLC and the Department of Electric Power Management. At the ceremony, the General Director of INTER RAO-Export LLC Mr Maxim E Sergeev briefed all on the import and construction of power plants around the world and discussed cooperation in power projects in Myanmar.

Afterwards, the Union Minister and party received the Deputy Prime Minister and Minister for Energy of the Russian Federation Mr Shulginov Nikolay and his delegation. The Union Minister also clarified the need for fuel and electricity for Myanmar and discussed long-term cooperation with Russia. In this regard, it was agreed to form joint working groups between the two ministries to carry out practical work.

During the forum, Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe received the Vice-Chairman of the Bank of Russia Ms Olga Skorobogatova and discussed the signing of a bilateral cooperation MoU between the CBM and the Bank of Russia. She also held talks with the CEO of MIR about cooperation plans between the two countries on regional financial cooperation in the tourism sector. On the fourth day of the forum on 18 June, the Myanmar delegation visited the exhibitions and discussed with private investors interested in doing business.

The St. Petersburg International Business Forum is an international forum for the exchange of views on the state of the global economy and sustainable development. It has been held since 1997 under the auspices of the President of the Russian Federation. The President of the Russian Federation attends the forum annually. The forum serves as a forum for business associations to discuss the economic opportunities and challenges facing the Russian Federation and emerging markets in the global economic markets. — MNA