Indonesia and Myanmar pen MOU on enhancing business cooperation

Business leaders from Indonesia and Myanmar hosted the Indonesia-Myanmar Roundtable Dialogue during the ASEAN Business and Investment Summit held in Jakarta, Indonesia, aiming to enhancing the trade cooperation between the two nations.

The roundtable discussed trade and investment cooperation in various sectors, including fast-moving consumer goods, garment manufacturing, and energy collaboration, as well as issues related to financial access and trade payments. The parties agreed to collectively explore regional strategies for refining financial frameworks.

A Memorandum of Understanding (MOU) was signed between the Indonesian Chamber of Commerce and Industry (KADIN) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) to solidify their collective commitment to bolstering economic relations and fostering mutual growth.

The MOU serves as a strategic blueprint to prioritize the promotion of business ventures and advance the collaborative efforts. It also emphasizes knowledge sharing, best practices, and the organization of joint activities.

Arsjad Rasjid, the Chairman of the ASEAN Business Advisory Council (ASEAN-BAC) and KADIN, said, “As ASEAN progresses to be the epicentrum of growth, we make sure to leave no one behind. We envision many cooperations between Indonesia and Myanmar in multiple industries.”

Aye Win, ASEAN-BAC Myanmar Chair and the President of UMFCCI, added “economic stability is key, not just for Myanmar but also for ASEAN to set the momentum in regional integration.”

Indonesia is Myanmar’s third-largest trading partner within ASEAN. According to data from OEC, Myanmar's exports to Indonesia were valued at US$171 million while Indonesia's exports to Myanmar reached US$1.2 billion in 2021. The annual growth rate for Indonesia's exports to Myanmar had been a solid 12.2% from 1995 to 2021.