On 9 November 2022, the Department of Foreign Economic Relations of the Ministry of Investment and Foreign Economic Relations of Myanmar and the Investment Promotion Fund RC-Investment, an investment platform of the Roscongress Foundation, signed a Memorandum of Understanding in Naypyidaw, the capital of Myanmar. The document was signed by Marlar Myo Nyunt, Director General of the Department of Foreign Economic Relations, and Alexander Shatirov, Director of the RC-Investment Fund.
The Memorandum aims to strengthen and develop comprehensive Russia–Myanmar relations in all areas of cooperation – trade and economy, investment, humanitarian, education, and culture. Priority areas include support for initiatives in trade exchange of various commodity groups, including energy, minerals, fertilizers, agricultural products, investment cooperation as well as elaboration of a mechanism for mutual settlements in the framework of foreign economic activities between the two countries. Cooperation on the implementation of the Memorandum implies establishment of a working group for exchange of information on projects and consultations on issues falling within the competence of the parties.
“Myanmar is a unique country with huge economic potential, and its government is prepared to develop it. We had the opportunity to see this for ourselves as a delegation of RC-Investment Fund and its partners paid a business visit to Myanmar. Signing of this Memorandum is the starting point of versatile work on the establishment of trade, economic and cultural relations, the development of investment projects of our countries. Our team is focused on achieving concrete results, which we will strive to achieve together with our Myanmar partners,” said Alexander Shatirov, Director of RC-Investment Fund.
“Cooperation between Russia and Myanmar is long-term and mutually beneficial: 2023 marks the 75th anniversary of diplomatic relations between the countries. Over the past year, we have significantly increased trade turnover and our mutual presence in each other’s energy and food systems. As part of the work on the new document, we plan to further build up economic, investment, cultural and educational ties,” said Marlar Myo Nyunt, Director General of the Department of Foreign Economic Relations.
The signed Memorandum was an important milestone in the economic cooperation between Myanmar and Russia, which received a new impetus following the meeting between Russian President Vladimir Putin and Myanmar leader Min Aung Hlaing on the sidelines of the Eastern Economic Forum in September 2022.
