Apr 1, 2012

China-Myanmar automobile business matching held in Yangon

A China-Myanmar automobile business matching was held at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) here Thursday afternoon to seek joint investment between entrepreneurs of the two countries.

Jointly organized by the China Association of Automobile Manufacturers (CAAM) and the UMFCCI, the business matching was held between a 14-member Chinese automobile delegation and Myanmar automobile-related businessmen.
Chinese delegation leader Du Fangci, Assistant Secretary- General of the CAAM, said that the delegation's visit is aimed at studying Myanmar's new change and seeking ways and cooperation opportunities in car trading, technology, services and investment for the development of the automobile industry.
Vice President of the UMFCCI U Zaw Min Win disclosed that Myanmar's automobile industry is operating under the Ministry of Industry, while the private sector of automobile manufacturing is being done in 18 industrial zones by 200 entrepreneurs.
However, it still lacks technical expertise and investment capital for extensive production, he said.
Noting that at a time when Myanmar welcomes China's advanced automobile technology in production of cars, he called for using the opportunities to further cooperate for mutual interest in the sector.
According to U Zaw Min Win, bilateral trade between Myanmar and China amounted to 5.27 billion dollars in the fiscal year 2010-11 while their border trade shows 1.8 billion dollars during the year.
Source: Xinhua