The rapid development of Myanmar-China economy and trade
The trade volume between China and Myanmar increased by approximately 2.2 times between 1988 and 2017. China accounted for 28% of Myanmar's foreign trade volume from 2011 to 2012, and this proportion increased to 40% from 2016 to 2017. According to statistics from the Ministry of Commerce of China, the total bilateral trade between China and Myanmar in 2017 was US$13.54 billion, a year-on-year increase of 10.2%. Among them, Myanmar exported US$4.53 billion to China, a year-on-year increase of 10.5%; China exported US$9 billion to Myanmar, a year-on-year increase of 10%. As of the end of 2017, China's non-financial direct investment stock in Myanmar reached US$5.1 billion. China is still Myanmar's largest trading country and a major trading partner of ASEAN.
According to data from the Myanmar Investment and Company Administration, as of February 28, 2018, China (including Hong Kong and Macao) ranked first in Myanmar's foreign direct investment (FDI), with a total of 24.85 billion US dollars invested in 344 projects, accounting for the allowable foreign investment. 40.14% of the total investment.
At present, the main areas of Chinese investment in Myanmar are animal husbandry, aquatic products, agriculture, mining, industry, oil and gas, electricity, transportation, and communications. In September 2016, Myanmar enacted a new investment law to give foreign entrepreneurs and Myanmar citizens equal opportunities, so now is the best time to invest.
Mutual benefit and win-win development
The chairman of the Myanmar Chamber of Commerce and Industry Jo Min Win said that China has a long border, and the people of the two countries have frequent exchanges and are close and friendly. Regarding the development of the future relations between the two countries, I hope that high-level exchanges of visits and people-to-people exchanges can be strengthened, and Myanmar-China relations and cooperation can be enhanced. It is hoped that the friendly cooperation between the two countries in the future will not only promote the friendship and common development of the two countries, but also contribute to regional and world peace and stability.
On the basis of mutual benefit and win-win results, broadening and deepening the economic and trade cooperation between the two countries has become a broad consensus between the governments and business communities of China and Myanmar. In the past two years, Chinese-funded enterprises have increased their investment in telecommunications, textiles and apparel, real estate, cement, agriculture, power, energy and other industries, and financial and legal services have also been increasing. At present, the two sides are actively promoting the interconnection of roads, railways, and power grid facilities, as well as a number of large-scale key infrastructure projects such as the Kyaukphyu Special Economic Zone Project and the Yangon New Town Development Project. The implementation of these projects will bring tremendous impetus to Myanmar's economic and social development.
At the recent China-Myanmar Entrepreneurs’ Friendship Gala jointly organized by the Chinese Embassy in Myanmar and the Chinese Enterprise Chamber of Commerce, Ambassador Hong Liang said that the Myanmar-Chinese Enterprise Chamber of Commerce has achieved remarkable results in the past few years. There are currently about 300 member companies. Most companies have become reliable business partners of local companies. The Chamber of Commerce was legally registered in Myanmar last year. It is not only a non-profit social organization, but also a service platform. It aims to mobilize the resources of the governments and business communities of the two countries, better promote the dialogue between the government and the business community, and establish a strong The public-private partnership between companies helps companies share business opportunities more conveniently and effectively, and promotes economic and trade development.
Tso Min Win, chairman of the Myanmar Chamber of Commerce and Industry, said at the meeting that China is not only our close neighbor, but also our important trading partner. Currently, the two-way trade between Myanmar and China continues to prosper. The Myanmar Chamber of Commerce and Industry has signed 24 memorandums of understanding with the China Council for the Promotion of International Trade and several industrial and commercial federations in local provinces and cities. The Myanmar Federation of Industry and Commerce is willing to provide China with necessary assistance in trade cooperation and investment. It is believed that China, as the world's second largest economy, can help ASEAN and the Greater Mekong Subregion member countries to promote the transformation and development of digital economy through regional value supply chains and SME e-commerce networks. It is hoped that China can help Myanmar, Cambodia, Laos, Vietnam and other countries, realize the ASEAN 4.0 industry of the "ASEAN Digital Economy" in the next few years.
Bright prospects for economic and trade cooperation
Chairman Jo Min Win emphasized that the data of inbound tourists from Myanmar in 2017 showed that there were approximately 184,000 Chinese tourists, second only to Thailand's 243,000, ranking second. The continued prosperity and development of tourism and trade between Myanmar and China benefited from the "China-Myanmar Economic Corridor" and the "One Belt, One Road" initiative. "We also hope that China and Myanmar will maintain their traditional friendship and cooperation for a long time. Through business tourism, cultural and leisure tourism, the interaction and communication between the two peoples will be enhanced, mutual friendship will be deepened, and peace and prosperity will be shared."
China’s “One Belt, One Road” initiative and the China-Myanmar Economic Corridor plan provide a historic opportunity for Myanmar to share the dividends of China’s economic development. Xie Guoxiang, Counselor of the Economic and Commercial Office of the Chinese Embassy in Myanmar, said that under the guidance of the important consensus of the leaders of the two countries to jointly build the “Belt and Road” and the “China-Myanmar Economic Corridor”, the economic and trade cooperation between the two countries presents unprecedented development potential and bright prospects. Both China and Myanmar are actively promoting the construction of economic corridors, covering infrastructure construction, special economic development zones and many other areas. The elites of the industrial and commercial sectors of the two countries are also actively taking action to find space for cooperation.
Border trade is very important to China and Myanmar. Myanmar is the country with the largest land area among Southeast Asian countries and is at the center of geopolitical strategy. In addition, Myanmar is also an important part of the Asian highway and the Trans-Asian Railway, and an important country in China's "One Belt, One Road" economic belt. The implementation of "One Belt One Road" hopes to promote east-west two-way logistics and economic development in the areas along the route, and also hopes to promote the development of infrastructure in participating countries.
We can see the truth in adversity. Facts have proved that China is Myanmar's true friend. As Myanmar's comprehensive strategic partner, China is working hard to provide support and assistance to Myanmar's Pauk Pak brothers to help Myanmar better meet challenges. The Secretary-General of the Myanmar Investment Commission, U Aung Naiwu, recently participated in a China-Myanmar business cooperation seminar and emphasized that Western investment in Myanmar has slowed down due to the Rakhine State incident, but investment from China and other East Asian countries remains strong. The "China-Myanmar Economic Corridor" proposed by the Chinese government has huge development potential, which is conducive to promoting the development of various industries in Myanmar, creating social welfare, and deepening the friendship between the two countries.