Myanmar, Russia discuss bilateral financial cooperation, trade development, investment

The Myanmar and Russian delegations hold talks on financial cooperation, trade development and investment between the two countries.

Union Minister for Planning and Finance U Win Shein and Governor of the Central Bank of Myanmar U Than Nyein met the delegation led by Vice-President of the Russia-Myanmar Friendship and Cooperation Association Mr Anatoly Bulochnikov yesterday morning in Nay Pyi Taw and discussed financial cooperation matters.

During the discussion, Union Minister U Win Shein clarified the state of banking operations and state-owned banks, and the Central Bank of Myanmar Governor explained the operations of the local and foreign banks supervised by the Central Bank of Myanmar.

At the meeting, Vice-President Mr Anatoly Bulochnikov proposed to establish a working committee on Russia-Myanmar financial cooperation with relevant officials from the two countries in order to facilitate systematic cooperation between Myanmar and Russia in the public and private sectors and facilitate trade and investment between the two countries. He said he hoped that work would be implemented soon, and explained the process for proposing financial cooperation.

Union Minister U Win Shein said he accepts the formation of the working committee, adding detailed discussions shall be carried out for the cooperation, and the two countries should cooperate accordingly to the banking and financial laws and regulations of the respective countries to develop bilateral trade and investment.

Afterwards, Central Bank of Myanmar Governor U Than Nyein discussed the status of the signing of a bilateral agreement on cooperation between the central banks of two countries. The meeting was also attended by Deputy Minister for Planning and Finance U Maung Maung Win, Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe and officials from relevant departments. — MNA