Myanmar and Israel celebrated strong economic relations by re-ratifying the trade agreement between the two countries on the reciprocal promotion and protection of investment

The Israeli Embassy has announced the re-ratification of the trade agreement be­tween the two countries, the Reciprocal Promotion and Protection of Invest­ments.

First ratified on Octo­ber 2014, the agreement marks 3 years of success­ful trade, bilateral, and diplomatic relations.

The agreement encourages businesspeople and companies from both countries to engage in bilateral investments, ex­pand trade volume, and contribute to each na­tion’s development.

“We hope that the agreement will help bring together businesses from both countries and boost economic cooperation between Israel and Myan­mar companies,” Daniel Zohar Zonshine, the Is­raeli ambassador to My­anmar, said.

“This agreement seeks to remove investment obstacles and minimize trade barriers by provid­ing fair and equitable treatment of workers, full protection of property rights, and proper com­pensation in the case of expropriation,” U Aung Naing Oo, Director Gen­eral of Directorate of In­vestment Company Ad­ministration, said.

The Reciprocal Pro­motion and Protection Agreement will benefit traders from both coun­tries and strengthen bilat­eral investment between both countries, U Aung Naing Oo added.

According to statistics from the Directorate of Investment and Company Administration, Israeli’s investment capital to My­anmar from 1988-1989 to 2004-2005 fiscal years has reached $2.4 million.

Myanmar has signed trade deals to promote investment with 11 coun­tries: China, India, Laos, Thailand, Vietnam, Phil­ippines, Kuwait, Israel, Japan, and South Korea.

On June 6 this year, Myanmar and Singapore signed two Investment Promotion and Protection Agreement, MoUs, and agreed to work together on developing bilateral trade in areas of trade and investment, finance, and legal consultation.

Relevant ministries are also still negotiating other burgeoning economies such as Bangladesh and Russia for trade, invest­ment promotion, and economically beneficial memorandums of under­standing.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/israel-myanmar-celebrate-strong-economic-relations )

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