To form a working committee on financial cooperation between the two countries of Myanmar and Russia and to sign an agreement for cooperation between the central banks of the two countries.

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According to the Ministry of Planning and Finance, the Ministry of Planning and Finance will establish a Russia-Myanmar financial cooperation working committee and sign a cooperation agreement between the central banks of the two countries to facilitate trade and investment between Myanmar and Russia.

On October 27, in Nay Pyi Taw, U Win Shin, Union Minister of Planning and Finance, and U Than Nyain, Chairman of the Central Bank of Myanmar, discussed financial cooperation issues with a delegation led by Deputy Chairman of the Russia-Myanmar Friendship and Cooperation Association, Anatoli Buloch Nikkot.

In this discussion, the government sector between the Russian Federation and Myanmar. Deputy Chairman Anatoli Buloch Nikkot said that a proposal was made to establish a working committee on Russia-Myanmar financial cooperation in order to facilitate systematic cooperation in the private sector and facilitate the implementation of trade and investment between the two countries.

U Win Shin, Union Minister of the Ministry of Planning and Finance, said that he accepted the issue of forming a working committee on Russia-Myanmar financial cooperation.

The committee will be formed with suitable persons from the two countries and the operations will be implemented promptly.

Chairman of the Central Bank of Myanmar, U Than Nyein, discussed the conditions for signing the bilateral agreement regarding cooperation issues between the Central Bank of the Russian Federation and the Central Bank of Myanmar.

According to statistics published by the Ministry of Economy and Commerce, in the last three years of the fiscal year, Myanmar’s foreign trade sector has exceeded 30 billion dollars per year.

Myanmar-Russia bilateral trade in 2018-2019 fiscal year exceeded $46 million, with exports exceeding $27 million and imports exceeding $19 million.

In the fiscal year 2019-2020, the trade volume is over 60 million dollars, the export volume is over 32 million dollars and the import volume is over 27 million dollars.

1988-1989 fiscal year to 2021 As of the end of September, more than 2,250 foreign investment companies have entered Myanmar with an investment amount of more than $92 billion. This amount is only 0.1 percent of the total foreign investment in Myanmar.