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Myanmar seeks to establish Myanmar-India-China economic corridor

As part of efforts to make Myanmar the doorway to ASEAN door, the government will try to establish a Myanmar-India-China economic corridor, says Yangon Region Chief Minister U Phyo Min Thein.

The potential for Myanmar to become a trade hub is good because of its location between two rapidly developing countries with large populations U Phyo Min Thein said during a dinner to mark the foundation of the Myanmar-India-China

Friendship and Development Association and signing ceremony of a memorandum of understanding among Chinese traders, the India-Myanmar Chamber of Commerce and 10 local business associations on September 27. “For various reasons, Myanmar is less developed, but there is a possibility that the country can achieve progress along with peace, if it cooperates with more developed neighbouring countries,” said U Phyo Min Thein.

Myanmar needs to promote the scope of cooperation in various sectors with neighbouring countries so that it can work towards peace, development and democratic nation, he added.

“The close friendship with China will further develope into a strategic cooperation, and there are also favorable conditions to build enduring relations with India to create a border trade zone between the two countries,” he said.

“As the first step toward this, the Myanmar-India-China Friendship and Development Association will promote economic cooperation between China and India in construction and steel manufacturing,” said U Zaw Zaw Naing, vice chair of the association.

“China and India are economically developed countries and the association was formed with the aim of promoting the friendship. It will will also make efforts to help Myanmar develop through the cooperation with other countries,” said U Kyaw Win, chair of the association.

Myanmar’s neighbours China and India, have the world’s largest markets. If they offer help in developing agriculture, industry, transportation, and other sectors, Myanmar will benefit and willingly cooperate with other countries,” U Kyaw Win said.

“We’ll work together with India and China to establish industrial zones. Business from both countries would benefit from such efforts while Myanmar citizens will get job opportunities,” said U Zaw Zaw Naing.

The association will register officially in October and begin working on recruiting members and building relations with other trade organisations, he said.

China is Myanmar’s second-largest investor. According to data from the Directorate of Investment and Company Administration, China has invested US$20.8 billion in Mynamar as of August this year, accounting accounted for more than 25 percent of total foreign investment in Myanmar.

India stands in eleventh with investments of US$768.6 million.

Trade between China and Myanmar totalled US$9.6 billion last year, while the volume with India was US$1.16 billion.

Source: Myanmar Times

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