Hong Kong, Myanmar consider bilateral investment agreement

Formal negotiations to start soon.

Myanmar and Hong Kong have agreed to explore the possibility of entering into a bilateral Investment Promotion and Protection Agreement.

"This will send a positive message to our business communities that both governments are committed to promoting bilateral trade and investment that will bring economic benefits to both sides,” said Financial Secretary John Tsang.

Tsang believes that as Myanmar's economy continues to expand and open up, new opportunities for cooperation will undoubtedly arise in financial services as well as logistics, infrastructure, professional services, manufacturing and many other key areas.

Myanmar's trade with Hong Kong totaled US$38.2 million in 2012. Of this total, Myanmar's imports from Hong Kong came to US$15.1 million while its exports to Hong Kong stood at US$23.03 million.

Hong Kong is Myanmar's third largest investor after the Chinese mainland and Thailand. As of this May, US$6.39 billion of investments from Hong Kong went into 49 projects in Myanmar, accounting for 15% of the country's total foreign investments.

The Hong Kong Trade Development Council has arranged several missions for business people to come to Myanmar and explore the great potential in different sectors.