Malaysia - Myanmar, Malaysia look to boost trade

YANGON: Malaysia's Prime Minister Najib Razak agreed to boost trade and investment with Myanmar during his first official visit to meet the new reform-minded government, state media reported Thursday.

During a meeting Wednesday with President Thein Sein, the two leaders agreed to look at expanding cooperation in areas such as agriculture, energy, construction, telecoms and tourism where Malaysia has expertise and experience, according to a joint statement carried in The New Light of Myanmar newspaper.

"The two sides, realising the tremendous potential that exists due to complementary nature of both economies, affirmed their commitment to elevate the level of bilateral trade and investment," the statement said.

Trade between the two countries grew 32.6 percent to $792.7 million in 2011 from a year earlier, according to Malaysia's ministry of international trade and industry. Despite the high growth, the figure still represents just 0.2 percent of Malaysia's global trade.

The balance of trade was heavily in Kuala Lumpur's favour, with Malaysian exports to Myanmar totalling $558.9 million.

Thein Sein also briefed the Malaysian leader on recent political reforms by the new nominally civilian government that took office last year, ending nearly five decades of military rule.

"The prime minister of Malaysia was pleased to note the significant progress in Myanmar with regard to its national reconciliation process and the aim to transform the country into a modern and democratic state," the statement said.

Thein Sein "took the Malaysian PM's visit as the trip in recognition of Myanmar's political, economic and social reforms and its bid for democracy," the New Light reported.

He also thanked Malaysia and fellow members of the Association of Southeast Asian Nations for their support for calls to the lift Western sanctions.

Malaysia also offered its assistance as Myanmar prepares to host the 27th Southeast Asian Games in 2013.

- AFP/cc


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