Myanmar-China trade reaches 2.6 billion dollars in 2008

Jun 15, 2009, 3:05 GMT

   Yangon - Myanmar-China trade reaced 2.6 billion dollars in 2008, and is expected to increase slightly this year thanks to efforts by Beijing to support the South-East Asian country, The Myanmar Times reported Monday.

   'We attach great importance to trade between China and Myanmar,' Tang Hai, economic and commercial counsellor at China's embassy in Yangon, told The Myanmar Times, a weekly.

   'If we continue to work together, trade volume will not decline,' he said.

   China is Myanmar's second-largest trade partner after only Thailand, which buys Myanmar's main export, natural gas.

   Myanmar's main exports to China include fisheries, agricultural products, minerals, teak and precious stones, while it imports electronics, machinery, fertiliser, clothing and medicines from China. The two countries share a 2,000 kilometres long border.

   China is one of Myanmar's few political allies, having repeatedly blocked past efforts to have the ruling junta's atrocities brought up for examination by the United Nations Security Council.

   'We always support Myanmar both politically and economically in the face of the sanctions imposed by western countries,' Tang said. 'We also support Myanmar in international meetings,' he added.

   Myanmar faces various economic sanctions imposed by western democracies, including a freeze on most bilateral aid to the country since 1988, an investment ban for US companies and visa bans for travel to Europe by the junta's top generals.

   No similar economic sanctions are imposed by Asian countries.

   China is now Myanmar's fourth largest foreign investor, following Thailand, the United Kingdom and Singapore, respectively.

   China had invested a total of 1.33 billion dollars in Myanmar as of March 31, 2009, mainly in the mining sector, hydropower, and oil and natural gas, Tang said.