YANGON: Chinese enterprises have expanded their footprint across Myanmar's economic and social sectors in recent years, boosting local business communities' confidence in China-Myanmar corporate cooperation spanning infrastructure, new energy, finance and beyond.
Mutually beneficial and interdependent China-Myanmar cooperation has made notable progress at both governmental and business levels, said Thant Sin Lwin, deputy minister for national planning, investment and foreign economic relations.
China has long been Myanmar's largest trading partner and the biggest source of foreign investment for the country, he noted.
"As Myanmar strives to attract foreign investors to fuel its national economic development, China sits high on Myanmar's priority list for investment promotion," he added.
Thant Sin Lwin made the remarks at the inauguration ceremony for the new council of the Chinese Enterprises Chamber of Commerce in Myanmar (CECCM) and the China-Myanmar Economic and Trade Cooperation Conference, held Tuesday in Yangon.
Citing the China-Myanmar Economic Corridor and Kyaukphyu deep-sea port, Yin Yin Nwe, director of the Directorate of Investment and Company Administration in Myanmar, noted that such bilateral cooperation advances mutual interests and economic growth by upgrading corridor-wide logistics, warehousing and transportation networks, unlocking strategic regional maritime trade lanes, and supporting industrial zone development.
Chinese investment has also generated employment opportunities, fostered technological cooperation and lifted production efficiency within Myanmar's local industrial sector, said U Gu Tar April, director of Myanmar Investment Service Center.
He pointed to Chinese energy investments, which have expanded electricity access and boosted local productivity.
Moving forward, local business communities seek closer partnerships with Chinese firms operating in Myanmar in green energy, finance and other areas to advance win-win cooperation.
Myanmar is promoting its new energy development, while China stands as a global leader in this field.
"We can cooperate in areas such as solar power, electric vehicles and solar-related products," said Yin Yin Nwe.
In financial connectivity, potential RMB application scenarios in Myanmar include CMP enterprise processing fee settlements, bulk commodity trade settlements and retail banking businesses, according to the Industrial and Commercial Bank of China, Yangon Branch.
The bank has assumed the role of the newly elected chairman institution of the CECCM at Tuesday's ceremony. Going forward, the economic and trade bridge between China and Myanmar will be further consolidated by focusing on financial connectivity, infrastructure linkages, industrial upgrading and unimpeded trade, said Liu Ming, head of the branch.
"Endowed with abundant natural resources and a large labour force, Myanmar's market potential will be further unleashed as regional economic integration accelerates," Liu said. - Xinhua
