The quasi-official Taiwan External Trade Development Council (TAITRA) has taken a big step forward in strengthening the country’s economic and trade cooperation with Myanmar as part of its efforts to seek closer ties with ASEAN, the council said in a statement.
A memorandum of understanding on mutual cooperation between TAITRA and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) was signed in Yangon last week, the TAITRA statement said.
UMFCCI Vice Chairman Zaw Min Win said during the signing ceremony that he welcomed Taiwanese investment in his country of 57 million people, which he described as having a sizable domestic market.
He said Myanmar was a key player in regional economic integration in the Mekong River Basin, the Bay of Bengal and ASEAN.
TAITRA figures show Taiwan exported goods worth US$93.7 million to Myanmar last year, an increase of 33.6 percent from 2007.
Myanmar relies heavily on imports to satisfy its citizens’ daily needs, TAITRA said, adding that it was an ideal place to open labor-intensive production lines because average monthly wages in Malaysia ranged between US$30 and US$50.
In addition, TAITRA sees Myanmar as suitable for development of the energy industry and other businesses such as precious stone processing, farming and fish breeding because of its abundant natural resources.
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