Burma and Thailand Sign 16 Business Agreements
Burma and Thailand Sign 16 Business Agreements
The Irrawaddy, 02 Feb 2017
URL: http://www.irrawaddy.com/news/burma/burma-and-thailand-sign-16-business-agreements.html
RANGOON — As Thailand’s Deputy Prime Minister Somkid Jatusripitak visited Burma, Thai and Burmese officials signed 16 bilateral business memoranda of understanding (MOUs) on Thursday in Naypyidaw.
The 16 MOUs in six different business sectors were designed to foster greater cooperation between Thai companies, Burma government ministries, and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), according to UMFCCI vice president U Ye Min Aung. The MOUs include agreements for cooperation in the banking and agricultural sectors.
“These are big agreements that the NLD government is signing with Thailand,” said U Ye Min Aung. “Thailand is among the top foreign investors here, and these agreements will foster more economic cooperation.”
Infrastructure development was another sector that saw major agreements signed.
“These agreements are made from government to government and from government to business too,” he said. “Every industry has signed an MOU here today.”
In the finance sector, KBZ Bank signed an agreement with the Thai government over remittance services, according to U Nyo Myint, a senior official in the KBZ Group.
According to figures from the Directorate of Investment and Company Administration, Thailand’s investment in Burma reached US$106 million during the 2016-17 fiscal year. Thailand invests more money in Burma annually than all but three other nations—Singapore ($2.6 billion), China ($447 million), and Hong Kong ($187 million).
The 16 MOUs in six different business sectors were designed to foster greater cooperation between Thai companies, Burma government ministries, and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), according to UMFCCI vice president U Ye Min Aung. The MOUs include agreements for cooperation in the banking and agricultural sectors.
“These are big agreements that the NLD government is signing with Thailand,” said U Ye Min Aung. “Thailand is among the top foreign investors here, and these agreements will foster more economic cooperation.”
Infrastructure development was another sector that saw major agreements signed.
“These agreements are made from government to government and from government to business too,” he said. “Every industry has signed an MOU here today.”
In the finance sector, KBZ Bank signed an agreement with the Thai government over remittance services, according to U Nyo Myint, a senior official in the KBZ Group.
According to figures from the Directorate of Investment and Company Administration, Thailand’s investment in Burma reached US$106 million during the 2016-17 fiscal year. Thailand invests more money in Burma annually than all but three other nations—Singapore ($2.6 billion), China ($447 million), and Hong Kong ($187 million).