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Russia, Myanmar set $500 million trade target in partnership deal

August 29, 2014, 14:03 UTC+3 NAYPYIDAW
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NAYPYIDAW, August 29./ITAR-TASS/. Russia plans to establish a representative office in Myanmar aimed at lifting inter-state trade by more than four times by 2017, Russian Economic Development Minister Alexei Ulyukayev said on Friday.

Two-way trade reached almost $114 million last year, the minister said after signing an agreement to establish an intergovernmental commission on economic co-operation. This will deliver an extendable five-year program focussed on information exchange and eliminating business barriers.

“I believe it is quite possible for us to solve the challenging task of increasing bilateral trade to at least $500 million,” Ulyukayev said. “I think we can do this by 2017.”

Representation in Myanmar would create “a platform for trade and investment interaction which will help to determine promising co-operation areas and to effectively solve emerging problems”, Ulyukayev said.

Priority investment projects would be developed in metallurgy, oil production, transport, engineering and aviation, the minister said, adding that officials would prepare a schedule for government-backed activity up to 2017.


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