VP U Myint Swe seeks foreign investment at 16th China-ASEAN Expo, Summit in Nanning

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VP U Myint Swe seeks foreign investment at 16th China-ASEAN Expo, Summit in Nanning

Vice President U Myint Swe called upon investors from China and ASEAN countries to grasp the investment opportunities in Myanmar, pledging that the country’s new investment law will provide more protection, and noting that the country offers reasonable labour wages and an abundant workforce.

He made his remarks at the 16th China-ASEAN Expo and China-ASEAN Business and Investment Summit in Nanning, China, yesterday.

“As known to everyone, Myanmar’s new investment setup creates a lot of opportunities for regional and international investors, including Chinese business persons. Our new investment law is more open and free, and provides more protection to all investors and their investments,” said U Myint Swe.

During this period when the balance of the world economy is shifting towards the east, Myanmar remains in an important geographical location, having fair and equitable wages and a quick-learning work force, which is why now is the time to firmly grasp such meaningful opportunities, he added.
Myanmar supports and welcomes cooperation between ASEAN and PRC, as proposed by PRC, especially the Blue Economy, scholarships for ASEAN-China youth leaders, designating 2019 as news media exchange year and 2020 as the ASEAN-China digital economic cooperation year. In addition to this, Myanmar supports the present programs that will increase China-ASEAN economic cooperation.

The 16th China-ASEAN Expo and the 16th China-ASEAN Business and Investment Summit was held at Nanning International Convention Centre yesterday morning.

The ceremony was attended by the People’s Republic of China (PRC) Communist Party of China (CPC) Central Committee, Politburo, Standing Committee member and Vice-Premier Mr. Han Zheng, Deputy Prime Ministers and ministers from ASEAN member countries, Union Minister for Commerce Dr Than Myint, this year’s special partner country Poland’s representative group head Mr. Marcin Oilepa, Myanmar Ambassador to China U Myo Thant Pe, Permanent Secretary of the Ministry of Commerce U Aung Soe, Myanmar Consul-General in Nanning U Soe Thet Naung and officials, high ranking officials and business persons from PRC and ASEAN countries.

At the opening ceremony CPC Guanxi Zhuang Autonomous Region Committee Secretary Mr. Lu Xinshe, China Ministry of Commerce Vice Minister Mr. Yu Jinanhua and China Council for the Promotion of International Trade (CCPIT) Chairperson Ms. Gao Yan delivered opening remarks.
Next, PRC CPC Central Committee, Politburo, Standing Committee member and Vice-Premier Mr. Han Zheng delivered an opening speech.

Afterwards, special representative of Republic of Indonesia Coordinating Minister for Maritime Affairs Mr. Lahut Binsar Panddjaitan delivered a speech.

In a speech by Vice President U Myint Swe that follows, the Vice President spoke of being honored to speak at the opening ceremony of 16th China-ASEAN Expo, Business and Investment Summit. Special thanks to the organizers for being an excellent host to the Myanmar delegation and expo exhibiting by Myanmar business persons. The Vice President spoke of his happiness toward having the opportunity to meet PRC and ASEAN leaders as well as business persons from each private sector.

The region had experienced an unprecedented economic growth for more than the past 40 years. Due to this rapid development in ASEAN and Asia region new trade relations programs that was unthinkable in the past and technical innovations were created in addition to creating products, services, investments and new ideas to the people and travel and contacts.

In this regional development, PRC’s rapid economic development, regional integration and China-ASEAN cooperation were playing an important role.
Regional development creates a lot of job opportunities and raised the income and social life of the people benefiting millions of people in ASEAN and PRC. ASEAN benefits a lot from PRC’s peaceful development and PRC becomes the most important trading partner country for ASEAN as well as being a country with highest investment in ASEAN. ASEAN-China Free Trade Agreement (ACFTA) and recently signed ASEAN-Hong Kong (China) Free Trade Agreement (AHKFTA) strengthens ASEAN-PRC trade relationship.

We all need to continue maintaining this positive momentum and double our efforts toward reaching US$ 1 trillion trade and US$ 150 billion investments.
As trade relationship between ASEAN and PRC develops, Myanmar-PRC bilateral trade develops. PRC was Myanmar’s most important trading partner country as well as a country with the second highest investment in Myanmar. There’s a requirement for both to increase and strengthen the bilateral economic cooperation.

The PRC was appreciated for continuing its support towards ASEAN integration programs and Myanmar expects continued cooperation with the PRC in bilateral, regional and international fronts.

Regional integration was the main portion of establishing ASEAN community and also a main factor that supports regional economic development and sustainable development. Improvement in basic infrastructure connectivity between countries, especially roads, ports and rails; constructing financial and banking systems and working towards obtaining electricity are important for increasing trade, travel, investment and interchange between the people.

Therefore, the selecting and designating the theme for 16th China-ASEAN Expo “Building Belt and Road Routes, Realizing Our Vision for Community of Shared Future” was timely and appropriate.

The PRC’s belt and road project was believed to provide basic infrastructure and administrative support in creating opportunities to increase trade and contact between countries in the region.

Myanmar believes that if Belt and Road Projects were implemented in accordance with participating countries’ development programs and priority works it will support more toward resolving inequality in the region’s basic infrastructure.
Myanmar was working with PRC in Myanmar-China Economic Corridor, Myanmar-China Border Economic Cooperation Zone, Kyaukphyu Deep Sea Port and Special Economic Zone and Lancang-Mekong Cooperation and such cooperation works were conducted in accordance with Myanmar’s national level programs and priority works process to provide economic benefit, that are socially responsible, that doesn’t harm the natural environment and benefits the local people.

We need to identify a balanced and just way to increase cooperation in implementing priority works between ASEAN’s Consolidated Action Plan 2025 and PRC’s Belt and Road Project. When there was synergy between the priority works, bilateral trade, regional trade and connectivity between ASEAN and the PRC will increase while best opportunities will be created for mutually beneficial cooperation and prosperity.

Myanmar has selected Magway Region, Magway town as Myanmar’s exhibit in 16th China-ASEAN Expo. The exhibit displays Myanmar’s agriculture, forest, gem and food products and will also include a discussion on Myanmar export product promotion said the Vice President.

Later Cambodia Deputy Prime Minister Mr. Hor Namhong, Lao Deputy Prime Minister Mr. Sonexay Siphandone, Thailand Deputy Prime Minister and Minister for Commerce Mr. Jurin Laksanavisit and Viet Nam Deputy Prime Minister Mr. Vu Duc Dam also delivered speeches.

Media representatives of China and ASEAN countries then conducted the official opening program of ASEAN-China TV Week.

This was then succeeded with speeches by this year’s special partner country Poland’s representative group head Mr. Marcin Oclepa, Asian Infrastructure Investment Bank (AIIB) Chairman and Xiaomi Company Chairman followed by PRC and ASEAN countries’ representative heads opening the 16th China-ASEAN Expo and the 16th China-ASEAN Business and Investment Summit.

After the ceremony the Vice President and party arrived at Liyuan State Guest House and received media personnel from PRC new media consisting of People’s Daily, Xinhua News Agency, China Global Television Network (CGTN), China Central Television (CCTV), International Online, China News Service, China Daily, Guangxi Daily, Guangxi Television and China-ASEAN Panorama Magazine and responded to questions raised.

Following the meeting with media personnel the representative group led by the Vice President visited Guangxi Academy of Agriculture Science accompanied by China Communist Party Permanent Committee member, political and legal affairs committee secretary Mr Huang Shiyong. Later in the evening the Vice President and party went to Myanmar Consul-General Office in Nanning and met with Consul-General U Soe Thet Naung and staff, family members and scholarship personnel.