Lankan investors invited to start JVs in Myanmar

Sri Lankan investors have been invited to start joint ventures in Myanmar as local investors here have so far injected US$ 1 million in investment in Myanmar since 1988. “There are more investment opportunities for investors owing to the opening up of the economy by the Myanmar government in late 1980s and the establishment of direct air and sea links between the two countries have paved the way to boost bilateral trade between the two countries,” President of the Union of Myanmar Federation of Chambers of Commerce and Industry Win Myint told The Sunday Times FT.

He said the chamber is also exploring the possibility of investing in Sri Lanka to set up joint ventures and to increase exports and imports between the two countries bridging the trade deficit which is currently in favour of Myanmar. A 11-member federation team visited Sri Lanka this week and had discussions with chamber groups and business leaders in Colombo.

Sri Lanka exported goods to the value of US$ 0.1 million to Myanmar while its total imports were US$2.65 million last year with the trade balance in favour of Myanmar.

Total exports from Sri Lanka in the first half of 2007 rose to US$2.29 million against imports from Myanmar of US$5 million.

Sri Lanka mainly imports forestry products, beans and pulses from Myanmar and buys from there gemstones, dried vegetables, wooden products and spices among others.