Myanmar And Russia Strengthen Economic Cooperation At Business Forum
Myanmar and Russia are taking significant steps toward strengthening their economic relationship, as showcased during the recent Myanmar-Russia Business Forum held in Moscow. This forum marked a continuation of the dialogue initiated at the 5th meeting of the intergovernmental commission focusing on trade and economic cooperation between the two nations.
Myanmar’s Union Minister for Investment and Foreign Economic Relations, Kan Zaw, expressed his hopes for Russia to emerge as Myanmar’s largest investment and trade partner. He highlighted the country’s diverse exports, which include CMP (cut-make-pack) garment products, teak wood chips, finished wood products, mango juice, and rice, emphasizing the need for collaboration across various sectors.
“Myanmar is currently developing border railway sections with China, India, and Thailand as part of the Trans-Asian Railway Network. I graciously invite Russia to join us,” noted Kan Zaw, pointing out the role such infrastructural developments could play in enhancing trade routes.
Russian Minister of Economic Development, Maksim Reshetnikov, reinforced the significance of the ventures currently underway, including the construction of solar power plants, organic fertilizer facilities, and the special economic zone, which will see the establishment of a new modern deep-water port.
“Successful implementation of joint projects requires personnel, and there is mutual interest,” Reshetnikov remarked, indicating Russia’s readiness to assist Myanmar with professional training and the attraction of qualified specialists.
During the forum, Khaing Khaing Nwe, Secretary General of the Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI), reported remarkable growth—nearly tenfold—in Myanmar’s exports to Russia over the past five years, indicating notable potential for continued trade expansion.
Myanmar Prime Minister Min Aung Hlaing also took the opportunity to encourage investment, stating, “I propose to bring Russian technology to Myanmar. This will give Russia opportunities. I invite investors to our country and guarantee comfortable conditions for doing business.” His remarks reflect the government’s ambition to modernize and diversify its economy.
Importantly, prior to discussions with Russian President Vladimir Putin, both nations signed agreements pertaining to the construction of a small-scale nuclear power plant. This initiative is poised to not only boost Myanmar’s energy resources but also attract significant international investment.
Putin addressed reporters after his meeting with Min Aung Hlaing, emphasizing, “This agreement will be a good incentive for economic growth, creating thousands of new jobs and developing highly qualified personnel.” He underscored the mutual benefits of energy collaboration, including affordable and environmentally friendly energy solutions for Myanmar.
This framework is part of broader agreements established for the peaceful use of nuclear technology, dating back to February 2023. These have included provisions for workforce training and infrastructure development. Myanmar, which has yet to engage actively with nuclear energy, relies heavily on fossil fuels and hydropower, producing 24.3 TWh of energy back in 2019—13.7 TWh from fossil fuels and 10.5 TWh from hydro sources.
Rosatom, Russia’s state atomic energy corporation, is also involved with the construction of 200 MW wind power plants and sees significant export potential for its small modular reactors after Uzbekistan signed on for similar energy solutions last year.
Overall, this burgeoning relationship between Myanmar and Russia exemplifies the transformative potential of economic cooperation across multiple sectors. The focus on infrastructure, energy, and trade signals promising opportunities for both nations, aiming to cultivate growth and development. With mutual agreements and the integration of technological advancements, they are paving the way for mutually beneficial progress.
The Myanmar-Russia Business Forum stands as both a reflection of current collaboration and as the launching point for enduring partnerships, fostering fresh avenues for exploration and commitment to shared goals. Both countries look forward to cultivating their relationship, which is rooted not just in economic ambitions but also aimed at crafting sustainable futures.
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