Welcome Remarks delivered
By
H.E. U Aung Naing Oo
Union Minister for Investment and Foreign Economic Relations
At 1st B2B Virtual Dialogue on
Promoting Bilateral Trade and Investment Cooperation
Between Myanmar and Russia
28-September-2021
Excellencies, Distinguished Participants, Ladies and Gentlemen
Good morning to our Russian friends and Good afternoon to our colleagues and participants from Myanmar.
First and foremost, I am pleased to welcome hundreds of business people as well as senior government officials who joined today’s memorable event organized with the theme of “Promoting Bilateral Trade and Investment Cooperation between Myanmar and Russia”.
It is also my great pleasure to deliver the welcome speech in this inaugural Business Dialogue, and it is a privilege to host this milestone event to come together, meeting on the screen, learn from one another, share business information and more importantly shape strategic business partnerships between our two business communities.
I would like to extend my deepest appreciation to:
· Excellency, Dr. Nikolay LISTOPADOV, Ambassador of the Russian Federation to Myanmar,
· Your Excellency, U Lwin Oo, Ambassador of Myanmar to the Russian Federation,
· Mr. Ivan Polyakov, Chairman of Russia-ASEAN Business Council,
· Prof. Vadim Saltykovskiy, Deputy Chief of Committee for Economic Cooperation with Countries of Asia and Oceania of the Chamber of Commerce and Industry of the Russian Federation,
· Mr. Pavel Ostroverhov, President of Siberian Association for International Cooperation,
· U Zaw Min Win, President of the Union of Myanmar Chamber of Commerce and Industry
· Commondore Aung Thaw, Chair of Myanmar-Russia Friendship Association, and
· Each and every one joining the event from different places of the world, and all those involved in the organizing of this event despite the challenges posed by the global COVID-19 pandemic.
Without your support, this event cannot be happened.
As both countries are bound by friendly and partnership relations, I am convinced that promoting trade and investment cooperation, implementation of joint projects in different spheres will bring strengthening our mutual long-term collaboration for our future benefits.
Excellencies, Distinguished Guests, Ladies and Gentlemen
As you are all aware that the Intergovernmental Russian Myanmar Commission meeting was agreed to be held alternately in both sides since the Commission was formed in 2014. According to the agreement, the 3rd Commission meeting will be hosted by Myanmar during this year and we have agreed that today business dialogue to be held before the Commission Meeting between both sides.
Furthermore, it was obviously that the visit of Myanmar delegation to the Russian Federation in June 2021 could capture on the various spheres to extend our bilateral trade and economic cooperation met with the relevant Authorities and Companies in Moscow, Tatarstan, Saint Petersburg as well as Siberia.
Also, in considering the roadmap of our economic affairs, this Business Dialogue would be the main platform in growing bilateral economic collaboration, and excellent opportunity to introduce the outstanding companies of both sides in the field of Banking and Finance, Agriculture, Livestock and Fishery, Electricity and Energy, Food Processing Industry as well as Mining Sector.
For each sector, Myanmar participants are delighted to share their precious information to do business in Myanmar.
In this connection, I would also like to thank our distinguished speakers from each sector sharing the business opportunities and information.
Excellencies, Distinguished Guests, Ladies and Gentlemen
Throughout the longstanding relations, our bilateral trade volume between the two countries has increased from US$ 46.622 Million in (2018-2019) to US$ 60.623 Million in (2019-2020) covering with particular emphasis on trade in rice and related products, oil and chemicals as well as textile products.
As of July 2021, Russia ranks 22nd out of 51 countries investing in Myanmar with a total investment of US$ 94 Million in oil and gas sector.
According to the top world investor’s country as the Russian Federation, we now are keen to promote our economic relations as well as strengthening our participation in ASEAN-RUSSIA Trade and Investment Cooperation Roadmap and its work programme (2021-2025).
Excellencies, Ladies and Gentlemen
With regard to the COVID-19 pandemic, Myanmar is undertaking a two-pronged approach consisting preventive and control measures and remedy for the economy affected by this pandemic with enhanced speed and possible ways.
Although there are many challenges for us, we have already set the urgent action that needs to ensure for the speedy and recovery of business affected by COVID-19 and we would be addressing to recover our economy from hindrances via prioritized activities.
In order to have effective economic recovery, the Working Committee to address the impact of the COVID-19 on National Economy which comprises 9 members across ministerial level was formed as an institutional mechanism to formulate the short, medium and long term measures to respond to the COVID-19 crisis since last year.
Based on the TORs of the Working Committee, chaired by myself, the Myanmar Economic Recovery Plan (MERP) which is a medium term plan has already been drafted in line with the Sustainable Development Goals (SDGs) and regional plans such as ASEAN Comprehensive Recovery Plan (ACRF) and Greater Mekong Sub-Regional Economic Recovery Plan, and will be launched very soon.
To mitigate the inevitable economic impact of COVID-19, we are making utmost efforts through not only supporting financial and regulatory stimulus by streamlining procedures and easing the rules and regulations, but also providing financial stimulus by the establishment of the special fund for the business sectors and providing export credit for principle commodities since we regard the SMEs as the bedrock of the economy.
In MERP, we have liberalized many measures to doing business in Myanmar for new investors.
Excellencies, Ladies and Gentlemen,
To clearly describe the investment measures to respond the impact of the COVID – 19 Pandemic, Myanmar also needs to adjust and reengineer the investment environment to be friendlier with the new normal situation like many countries around the world.
In this scenario, currently, Myanmar is mainly focused on the investment facilitation that will be performed by the 5 SMART Programmes: Streamlining and Simplifying Procedures, Maximizing Online Services and Minimizing Barriers to Business, Assuring After-care Services, Reducing Regulatory Burden and Transparency Enhancement.
The Myanmar Investment Commission (MIC) approved the Standard Operation procedures of its One-Stop Service to facilitate the existing and potential investors in dealing with the government offices.
The SOPs provides investors with a range of justifications such as reduction of unnecessary documents, streamlined steps, cost and time savings for permit/license application.
The MIC announced 50% reduction on Service fees from the date of 20th April 2020 to now. It intends to save the production cost and other charges incurred by the existing and potential domestic and foreign investors during the COVID-19 Pandemic period stipulated by the Union.
In addition to this, investors are friendly provided easier access to meetings with the concerned parties via zoom application or on phone besides online submission of necessary documents via email regarding the investment related issues during the COVID-19 outbreak.
In order to support the economic recovery of the country due to the COVID-19 Crisis, the Myanmar Investment Commission particularly prioritizes six sectors as a measure of investment promotion; namely:
(a) Production of value-added agriculture, livestock and fisheries sectors which can connect to the Global Value Chains
(b) Healthcare services
(c) Establishment of industrial zones and related businesses
(d) Digital-based enterprises
(e) Infrastructure development projects (Electricity)
(f) Green economy and renewable energy projects
In terms of recent local demand as well as exporting in agriculture sector in Myanmar, value-added agricultural production and livestock sector are very much potential for foreign investors.
In addition, garments and other manufacturing products, tourism-related services are welcomed for Russian investors in the light of our country location within the Asian region in search of lower labour costs.
And I hope that the full potential for trade between our countries has to be realized since we already known Russian businesses are the centre of the high tech and scientific industries in the global markets.
Besides, I strongly believed that Russia’s growing marketplace that has proven its rice demand and Myanmar’s exporting create to enhance the overall mutual cooperation and trade volume between our two countries.
Excellencies, Distinguished Guests, Ladies and Gentlemen
As all aware, we are struggling with a present political concern, and no doubt, we will contend with a good addressing to live in times on these challenges tuning to better condition.
With a wide range of ambitious investment enabling reforms have allowed for much greater openness, further liberalisation and more robust protections to all investors – bringing Myanmar’s investment environment further in line with global standards. In this regard, we warmly welcome Russian investment provided in ways that can achieve mutual benefits for both businesses.
In conclusion, while we continue searching for the new areas of cooperation- as I mentioned in earlier, this business consultation will strengthen as an important platform for direct dialogue between both public and private sectors.
I am also convinced that today business dialogue will be stimulated on the long term cooperation of the two businesses between both sides.
We warmly welcome partnership with the Russian Federation to have the deepening of our bilateral cooperation discussing to pursue further bilateral trade and investment that will bring the existing mutual friendship and shared understanding between our two countries.
I wish today consultation have a success, fruitful and beneficial.
Thank you!
