Big local entrepreneurs and traders in Myanmar gathered here Saturday to exchange experiences and information for promotion of their business this year.

At the 16th Annual General Meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), attended by all members in the whole country, Myanmar Minister of Commerce Brigadier-General Tin Naing Thein urged them to make efforts to promote the country's economic development and foreign trade.

Up to now, the foreign trade volume of Myanmar has reached 7.4 billion U.S. dollars in the fiscal year 2006-07 which ends at the end of March, he said.

Before the annual meeting, the inauguration ceremony of the 12- story new building of the UMFCCI and products show 2007 were held, attended by Lieutenant-General Myint Swe of the Ministry of Defense, Commander of Yangon Command Brigadier-General Hla Htay Win, Yangon Mayor Brigadier-General Aung Thein Lin and Minister of Commerce Brigadier-General Tin Naing Thein.

The UMFCCI, reformed in 1989 when Myanmar began to move to the market-oriented economy, consists of 55 associations with over 16, 000 members.

Myanmar's foreign trade hit 5.5 billion U.S. dollars in 2005-06, registering a record high in 17 years.

With the total trade volume in 2005-06 going up by over 12 percent from the 2004-05's 4.9 billion dollars, the export reached 3.554 billion dollars, up from 2.9 billion dollars, while the import was valued at 1.9 billion dollars.

During 2005-06 fiscal year, a trade surplus of 1.6 billion dollars was gained with an increase of more than 60 percent over 2004-05's 954 million dollars.

The Ministry of National Planning and Economic Development attributed the trade surplus mainly to the sale of natural gas, followed by that of agricultural, mineral and marine products.

Myanmar has enjoyed trade surplus in the past four consecutive years since 2002-03, before which it had suffered a trade deficit for many years.

Source: Xinhua