Myanmar, Thailand to raise momentum of cooperation next year

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(Xinhua)
Updated: 2008-12-17 16:47

YANGON -- Myanmar and Thailand will continue to work for raising the momentum of mutually-beneficial economic cooperation between the two countries next year, the local weekly journal Yangon Times quoted Myanmar's biggest business organization as reporting Wednesday.

It was pledged at a recent meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry and the Thai Embassy.

These cooperation covers holding of Thai international trade fair in Myanmar and enhancement of reciprocal trade next February, the report said.

Myanmar-Thailand bilateral cooperative ties have maintained a good momentum in recent years with Thailand playing a key role in Myanmar's economic development as Thailand has become Myanmar's biggest foreign investor and trading partner.

With huge investment of $6.311 billion pouring in Myanmar's electric power sector alone, Thailand's investment has accounted for $7.3 billion or over 53 percent of Myanmar's total foreign investment received.

The Thai investment prompted Myanmar's contracted foreign investment to hit $14.736 billion in 19 years as of the end of 2007 since the country opened to such investment in late 1988.

Thailand also stood as Myanmar's top trading partner as well as top exporting country during the fiscal year 2007-08, which ended in March, with a bilateral trade volume of $3.205 billion of which Myanmar's export to Thailand amounted to $2.823 billion , while its import from Thailand $382 million, according to Myanmar official statistics.

Myanmar gained a trade surplus with Thailand for exporting natural gas during the year.