Myanmar will invite local investors to submit the Expression of Interest (EOI) for Economic Zones along China-Myanmar border areas

Myanmar will invite local investors to submit Expression of Interest (EOI) for Myanmar-China Economic Cooperation Zones at the Myanmar-China border areas, according to U Aung Htoo, Deputy Minister of the Ministry of Commerce.

The Ministry has approved the rules and regulations for the projects, only local inves-tors are eligible to submit an EOI.

“When the zones come into exist, illegal trade will disappear itself,” U Aung Htoo add-ed.

The zones will be implemented in Kan Paite Tee in Kachin State, Muse and Chin Shwe Haw in Shan State, all of which are located at the Myanmar-China border.

The government hopes that the zones will boost both local and foreign investments in the region, and create more jobs for local people while at the same time increasing trade between the two countries and productivity of small and medium enterprises.

The two countries, during the state visit to China by Myanmar State Counsellor Daw Aung San Suu Kyi in August 2016, agreed to implement economic zones at the border areas.

Myanmar is trying to resolve trade issues with China and build official trade channels because the country faced losses in late 2018 when China adopted stricter trade poli-cies in an attempt to tackle illegal trade.

As part of the effort to strengthen official trade channels, Myanmar will sign an MOU on trade exchange under the agreement of sister cities between Yangon Myanmar and Kunming China. The country will export rice, one of the leading exports to China, they will do this in only a few months after signing the MoU.

According to the data from the Ministry of Commerce, Myanmar exported over $1.6 bil-lion worth products to China from October 2018 to January 2019, while China’s export to Myanmar reached nearly $2 billion.

Myanmar is currently trading with neighboring countries through a number of border gates such as Muse, Lwejel, Chinshwehaw, Tachileik, Myawaddy, Kawthaung, Myeik, Tamu, Rhi, Sittwe and Maungdaw.

From April 2018 to May 2019, Myanmar exported $6 billion worth of goods through border gates and $5 billion worth of goods through maritime trade route, according to the data from the Ministry of Commerce.

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