Traders hope for upswing after biz matching
July 26 - August 1, 2010
TRADE between Myanmar and its fellow ASEAN member the Philippines is set for a boost following a meeting between business leaders from the two countries in Yangon last week.
The business matching meeting, jointly organised by the Philippine embassy in Yangon and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), was the first of its kind.
The nine companies in the Filipino delegation discussed possible deals in cosmetics, paints, and preserved food and beverages with their Myanmar counterparts.
Trade between the two nations has increased rapidly in the past two years, jumping from only K48 million (about US$48,000) in the 2008-2009 fiscal year to about K147 million in the 2009-10 financial year, figures from the Central Statistical Organisation show. Myanmar’s exports to the Philippines are mainly agricultural products, including rice, beans and pulses. The Philippines exports a small amount of medicines to Myanmar.
Trade among ASEAN members is expected to grow as the economic links within the regional group continue to strengthen, with the next stage of economic integration set for 2015.
The Philippines currently ranks 14th among foreign investors in Myanmar, with two investments totalling US$146.6 million – a timber project in Bago and a sugar plantation in Shwebo, Sagaing Division.
“The potential exists for us to increase bilateral trade and investment,” said UMFCCI vice-president U Zaw Min Win.
“This is the era of Asia. We see good opportunities for trade with Myanmar,” said one of the Filipino delegation leaders, Ms Imelda J Madarang.
“We want to continue this friendship and establish a closer relationship, to increase bilateral trade between our two countries,” she said.
“As the role of ASEAN assumes greater importance, we want to share more of the experience that the Philippines has to offer as a founding member of ASEAN,” said UMFCCI general secretary Dr Mg Mg Lay. He said the delegation members would return on a follow-up visit shortly.
