CHINESE Ambassador to Myanmar Ms Ma Jia has said that Chinese entrepreneurs now find it easier and more convenient to invest in Myanmar, as the Chinese yuan has been officially recognized as a legal currency for direct investment in the country.
The ambassador made the remarks during a ceremony on sharing experiences in building a Myanmar-China community with a shared future, held in Yangon on 6 June.
She also noted that China has granted tariff exemptions on all Myanmar products that previously faced 100 per cent tariff rates. In addition, China has expanded market access for Myanmar’s agricultural, livestock and fishery products.
In terms of economic cooperation between the two countries, China is Myanmar’s principal trading partner and the second-largest source of foreign investment in the country. Chinese businesses are investing in Myanmar’s manufacturing sector and are also involved in the construction of railways, ports and industrial zones.
The Chinese yuan remains a strong currency in the global financial market and has been included in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) currency basket.
The Myanmar Investment Commission announced in March this year that it would accept the registered capital of Chinese investors in yuan for investment projects in Myanmar.
ASH/KNN
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