Signing MoU: Aiming at sector-wise cooperation between Russia and Myanmar

The MoU between the Foreign Economic Relations Department under the Ministry of Investment and Foreign Economic Relations of the Republic of the Union of Myanmar and the Investment Development Fund “RC-investments” of the Russia Federation signed on 8th November.

According to the MoU, Russia Federation will cooperate in the tourism, agriculture, mining, industrial sector, electricity and energy including the purchase of rice from Myanmar.

Deputy Minister, Ministry of Investments and Foreign Economic Relations, Dr. Wah Wah Maung, said " The strategy for cooperation between MIFER and Russia’s RC-investments was signed at the 7th economic forum held in Vladivostok, Russia. Aiming to implement the strategy and to promote economic and investment cooperation between the two countries, the Roscongress team visited Myanmar for the 1st time. During the visit, MoU was signed between the Foreign Economic Relations Department under the MIFER and Russian Federation’s Investment Development Fund “RC-investments”.

MoU aims to recognize the importance of diplomatic relations between the two countries, including trade, economic investment, education, culture, humanitarian relations and developing comprehensive Russia-Myanmar relations.

In the MoU, the sales of petrol-related products, fuel oil, organic and fertilizers to Myanmar, the purchase of parboiled rice, beans and pulses, marine products, the agricultural products such as coffee and rubber, minerals and gems from Myanmar and raising the Russia-Myanmar tourism sector are included.

As Myanmar is a country rich in raw materials and mineral resources, so it will be beneficial for the state’s economic opportunities, job opportunities and long-term development for Russia-Myanmar cooperation if cooperate with Russia which is rich in technology in the manufacturing sector.