Malaysian PM Najib's Visit To Myanmar Promising

From Leslean Arshad NAYPYITAW (Myanmar), March 30 (Bernama) -- Prime Minister of Malaysia Najib Tun Razak and his delegation's visit to Myanmar already has some positive results, with new approches identified to boost bilateral relations between the two countries and open up opportunities in new sectors. Malaysia-Myanmar bilateral relations will be strengthened through an institutionalised framework, a joint committee which will hold its first meeting with Malaysia as the host. The joint committee, to be led by their respective foreign ministers, will facilitate discussions and cooperation in areas of common interest. Najib at a news conference at the end of his visit to Myanmar on Thursday, said several new approaches to increase direct trade between Malaysia and Myanmar were touched on during the visit. He said both countries agreed that their respective central banks study the possibility of handling some trading in the local currency to overcome the effects of sanctions on Myanmar. Najib said Malaysia and Myanmar would also mutually reciprocate by considering the establishment of a Myanmar bank branch in Malaysia while Myanmar would allow a Malaysian bank to operate in that country. With regard to investment, Najib said Myanmar President U Thein Sein invited Malaysia to increase investment in his country in added-value industries such as rubber and oil palm plantations, hotel industry, and oil and gas, besides new sectors such an tourism, hospitals, pharmaceutical, construction and telecommunications. He said Myanmar also offered two new oil blocks to Malaysia's national petroleum company, Petronas. "The President (U Thein Sein) hopes that Petronas can provide training to the Myanmar people." Najib said Malaysia also offered officers and technical personnel to assist Myanmar in organising the SEA Games next year. Najib on Thursday also witnessed the signing of five MoUs between Malaysian corporations and Myanmar entities. The MoU entered between Petronas Carigali Myanmar Inc and UNOG Pte Ltd is to facilitate a joint operation in petroleum exploration, development and production. The Malaysian Timber Industry Board (MTIB) has signed an MoU with Myanmar Timber Merchants Association (MTMA) for training, capacity building, marketing, and sharing and exchange of information. Target Resources Corporation Sdn Bhd has inked an MoU with Yamin Thida Co Ltd for collaboration in oil and gas, maritime services and telecommunications. Esa Jurutera Perunding & Esa International Sdn Bhd inked an MoU with Win Thin & Associates and Win Consulting in financial and business consulting, and tax and legal services. Cypark Resources Bhd, meanwhile, signed an MoU with Myanmar Investment Company Ltd for cooperation in the field of waste management and renewable energy in Myanmar. -- BERNAMA