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Indonesia, Myanmar hold business matching to seek potential trade partners

Xinhua, December 19, 2014 Adjust font size:

An Indonesian delegation comprising 25 state-owned enterprises has held a business matching with their Myanmar counterparts to seek potential businesses and trade partners, sources with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said Friday.

The Indonesian delegation was led by Deputy Minister of State- Owned Enterprises Achiran Pandu Djajanto, while Myanmar delegation was headed by UMFCCI Vice President U Zaw Min Win.

Indonesia intends to step up its economic activities in Myanmar, focusing on mining, banking, construction, cement and fertilizer production, transport and textiles.

According to Indonesian Ambassador Dr. Ito Sumardi, bilateral trade between Myanmar and Indonesia reached 498.86 million U.S. dollars in the fiscal year 2013-14, targeting 1 billion dollars in 2016.

During the fiscal year, Myanmar's exports to Indonesia, especially agricultural produces, stood at 60.04 million dollars, while its import from the fellow ASEAN members, especially palm oil, reached 438.82 million dollars.

Myanmar also plans to import cement from Indonesia, said the Ministry of Commerce. It disclosed that Myanmar is going to export 500,000 tons of rice to Indonesia over the next three years under a memorandum of understanding signed in 2013.

According to official statistics, Indonesian investment in Myanmar amounted to 241.497 million U.S. dollars in 12 projects as of November 2014, accounting for 0.48 percent of the total foreign input and ranking 14th in Myanmar's foreign investment line-up since the country opened its door in late 1988. Endi

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