Trade turnover soaring between Russia, Myanmar
"The government has been supporting exports for promotion and import substitution," Kan Zaw noted.
The trade turnover between Russia and Myanmar has recently increased more than twofold, from $34 million to almost $75 million, Minister for Investment and Foreign Economic Relations of Myanmar Kan Zaw told TASS in an exclusive interview.
"According to trade statistics, the bilateral trade value between Russia and My-anmar has grown since the 2020-2021 fiscal year [from April 1 to March 31 - TASS]. In the 2023-2024 fiscal year, the total trade value was $74.73 million [compared to $34.45 million in 2020-2021 - TASS]. In the 2024-2025 fiscal year (up to October 2024), the trade value stands at $34.22 million," the minister said.
"The government has been supporting exports for promotion and import substitution. We have been providing necessary support to facilitate bilateral trade activities in accordance with the existing policies, guidelines, and procedures," Kan Zaw noted. "In line with export promotion policies, the government is currently prioritizing the export of domestic products and working to secure international market share. The export of value-added products is encouraged, rather than the export of raw commodities. The major export items from Myanmar to Russia in 2023-2024 fiscal year are garments, various socks (CMP) [cut-make-package - TASS], mango puree, human hair, fresh lemons, various footwear (CMP), and various bags (CMP)," the minister added.
"We would like to import oil and petroleum products, fertilizers, pesticides, and medicines from Russia," Kan Zaw said. "We would also like to cooperate with the Russian side to increase exports of aquatic products, including fresh fruits, shrimps, rice, coffee, and cotton in addition to the products currently being exported from Myanmar to Russia," he added.
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The trade turnover between Russia and Myanmar has recently increased more than twofold, from $34 million to almost $75 million, Minister for Investment and Foreign Economic Relations of Myanmar Kan Zaw told TASS in an exclusive interview.
"According to trade statistics, the bilateral trade value between Russia and My-anmar has grown since the 2020-2021 fiscal year [from April 1 to March 31 - TASS]. In the 2023-2024 fiscal year, the total trade value was $74.73 million [compared to $34.45 million in 2020-2021 - TASS]. In the 2024-2025 fiscal year (up to October 2024), the trade value stands at $34.22 million," the minister said.
"The government has been supporting exports for promotion and import substitution. We have been providing necessary support to facilitate bilateral trade activities in accordance with the existing policies, guidelines, and procedures," Kan Zaw noted. "In line with export promotion policies, the government is currently prioritizing the export of domestic products and working to secure international market share. The export of value-added products is encouraged, rather than the export of raw commodities. The major export items from Myanmar to Russia in 2023-2024 fiscal year are garments, various socks (CMP) [cut-make-package - TASS], mango puree, human hair, fresh lemons, various footwear (CMP), and various bags (CMP)," the minister added.
"We would like to import oil and petroleum products, fertilizers, pesticides, and medicines from Russia," Kan Zaw said. "We would also like to cooperate with the Russian side to increase exports of aquatic products, including fresh fruits, shrimps, rice, coffee, and cotton in addition to the products currently being exported from Myanmar to Russia," he added.
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