The New Nation - Internet Edition

UNB, Chittagong

Myanmar's apex trade body signed a Memorandum of Understanding (MoU) with Chittagong Chamber of Commerce and Industry in the port city yesterday with a larger aim of expanding communications and trade and commerce between private sectors of the two countries.

President of the local chamber Saifuzzaman Chowdhury and president of the Federation of Chamber of Commerce and Industry of Myanmar U Win Myint signed the accord on behalf of their respective sides.

"The government and businessmen of Myanmar are eager to further improve economic and commercial relations with Bangladesh," leader of the visiting Myanmar trade delegation and National Planning and Economic Development Minister U Soe Tha said.

He was speaking at a meeting between the two chambers at the CCCI office, which ended with the signing of the MoU.

He observed that Bangladesh has become a target for foreign businessmen and investors due to various factors, including geographical location and cheap labour.

The Myanmar Minister called upon both private and public sectors of the two neighboring countries for playing more active role for exploiting economic and other prospects for to the mutual benefit of the two peoples.

Addressing his business audience, Myanmar Commerce Minister Brigadier General Tin Naing Thein said his government has already decided to upgrade the amount of annual bilateral trade to 500 million US dollars and would take "all necessary steps" for reaching the target.

Tin Naing Thein stressed regular exchange of trade delegations between the two countries and holding trade fair for boosting bilateral trade ties.

In his address the president of the local chamber, Saifuzzaman Chowdhury, called upon the governments of the two countries to identify the hurdles to improvement of bilateral trade ties and remove these immediately.