Myanmar, Indonesia target $1b trade

Myanmar ASEANMyanmar and Indonesia are moving closer as they are making efforts to promote the two countries’ trade volume, which is targeted to reach up to $1 billion in 2016, a meeting between Myanmar Minister of Commerce U Win Myint and visiting Indonesian Coordinating Minister for Economic Affairs Hatta Rajasa in Naypyitaw on April 16 revealed.

According to an earlier official report quoting the ministry, Indonesia has offered to buy 300,000 tonnes of rice from Myanmar with more to follow.

With a bilateral trade standing $472.76 million in the fiscal year 2011/12, Indonesia was Myanmar’s fourth largest trading partner among ASEAN members after Thailand, Singapore and Malaysia, statistics show.Myanmar’s import from Indonesia stood at $431.82 million, while its export to the ASEAN fellow country represented $40.94 million during the year.

Indonesia is also striving to promote direct investment in Myanmar in areas such as infrastructure and tourism and to boost cooperation in forestry, agriculture and fishery.