Myanmar to establish first export, import bank

Myanmar is deliberating to establish its first export and import bank in the country to facilitate exporters and importers in their international trading activities, the Voice Weekly reported Monday.

"Although Myanmar has Myanmar Livestock Breeding and Fishery Development Bank, Myanmar Agricultural Development Bank and Myanmar Industrial Development Bank for respective entrepreneurs, it has no Exporters and Importers Bank yet for traders engaged in the business like neighboring countries," said market information and research team of the Ministry of Commerce.

At present, the state-owned Myanmar Foreign Trade Bank is generally and mainly handling foreign currency transactions along with some private banks authorized for such transactions, while the Myanmar Investment and Commercial Bank deals with foreign investment in the country.

Meanwhile, the Myanmar commerce authorities have urged over 10, 000 registered private trading companies in the country to function fully to boost foreign trade, calling for exporting raw goods with value added so as to attain the target of reaching a total foreign trade volume of 5 billion US dollars in the fiscal year 2005-06 ending March.

Commerce officials have outlined some raw export commodities such as onion, rice, beans and pulses to be processed and added with value.

Myanmar's exports are expected to hit 3 billion US dollars in the fiscal year 2005-06 ending March, slightly up from 2.9 billion in the previous fiscal year out of its total foreign trade volume of 4.9 billion with a trade surplus of 954 million.

Myanmar mainly exports natural gas, marine and forest products as well as agricultural products such as beans and pulses.

The private sector plays an important role in Myanmar's exports and imports. In 2004-05, the private sector accounted for more than 85 percent in its exports and more than 80 percent of the gross domestic product.

Myanmar has set a target of 1.5 billion dollars of bilateral trade with China, 1 billion with India and 50 million with Vietnam in the 2005-06.

Source: Xinhua