Russian business people are keened to explore business opportunities in Myanmar

Earlier this week, U Thaung Tun, Union Minister for Investment and Foreign Economic Relations received a Russian business delegation in Nay Pyi Taw, where the group discussed opportunities for investments and trade.

Timur Maksimov, Deputy Minister for Economic Development of the Russian Federation and Nikolay Listopadov, ambassador of the Russia Federation to Myanmar, accompanied the business delegation, according to the Ministry of Investment and Foreign Economic Relations.

The group also discussed improving engagement between the citizens of Myanmar and Russia as well as potential investments in the education, power, transport, telecommunications and technology sectors.

U Thaung Tun, who is also chair of the Myanmar Investment Commission, urged the Russians to have a focus on technical and vocational training for Myanmar employees and promoted joint venture opportunities in the agriculture, industry, renewable energy and tourism sectors.

During the meeting, Mr Listopadov pushed for more Russian backed- projects in Myanmar and also broached the possibility of establishing direct flights between Myanmar and Russia. 

The Russian delegation also met with the National Economic Coordination Committee, Ministry of Transport and Communication and Ministry of Natural Resources and Environmental Conservation with the aim to promote more Russian investments in Myanmar.

During a previous meeting in September, the Russians offered to help local broadcast media transition from analog to digital transmission. Russia can also support Myanmar on the digital front, for example helping the country draft its first cyber security law, build e-government platforms and develop smart cities. 

Russia is the 22nd largest foreign investor in Myanmar with over US$90 billion invested in two local businesses so far. 

Bilateral trade between Myanmar and Russia totaled US$46 million in fiscal 2018-19, according to government data.

(The Myanmar Times: https://www.mmtimes.com/news/russia-keen-explore-business-opportunities-myanmar.html )

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