Sep 2, 2012

Japanese trade group launches business support center in Myanmar

The Japan External Trade Organization (JETRO) has launched a business support center in Myanmar's Yangon in a bid to boost trade with the country, official media reported Sunday.

A message of Japanese Minister of Economy, Trade and Industry Yakio Edano was sent on the occasion.

The report quoted Yangon Region Chief Minister U Myint Swe as saying that Myanmar has had friendly ties with Japan for a long time, expressing delight with Japanese businessmen' planned heavy investment in Myanmar in various sectors.

The newly-opened center would contribute to strengthening bilateral cooperation between the two countries and help boost investment, he told the inaugural function which was also attended by JETRO Chairman Hiroyuki Ishige, Japanese Ambassador to Myanmar Takashi Saito and Counsellor Aimoto.

Meanwhile, the Mizuho Financial Group Inc of Japan, the second largest financial services group in the country, will provide technical aid for development of Myanmar's financial and economic sectors, earlier local report said.

The company will provide banking technology to both the government ministries and private companies.

According to figures, Japan injected a total of $221.25 million as of May 2012 since 1988, standing the 12th in Myanmar's foreign investors line-up.

In the fiscal year 2011-12 which ended in March, trade between Myanmar and Japan nearly doubled, reaching $822.5 million compared with 2010-11's $493.8 million.

Source: Global Times