Thursday, November 3, 2016

Japan pledges USD 7.7 billion for Myanmar

Japanese Prime Minister Shinzo Abe on November 2 said that Japan will provide 800 billion Yen (USD 7.73 billion) for Myanmar over the next five years to assist the peace process and national development in the country.
Speaking at a joint press conference with Myanmar State Counselor and Minister of Foreign Affairs Aung San SuuKyi, who is visiting Japan, PM Abe expressed his hope that the funding will help Myanmar develop.
Of the funds, 40 billion Yen (USD 387 million) will be used to assist ethnic minority groups, with the remaining to be invested in airports and electricity projects.
Japanese Prime Minister Shinzo Abe (r) and Myanmar State Counselor and Minister of Foreign Affairs Aung San SuuKyi
Earlier, in a meeting with Aung San SuuKyi in Tokyo, the Japanese PM pledged Tokyo’s full support for public and private sectors in Myanmar. He said he hopes that Aung San SuuKyi’s trip will be a strong push to bilateral ties.
Aung San SuuKyi acknowledged Japan’s assistance as helping Myanmar’s efforts in ensuring peace and stability and expressed her belief that Tokyo will be a trusted partner of Nay Pyi Tawas of Myanmar.
The five-day tour of Japan is the latest in a series of Aung San SuuKyi’s foreign visits to promote Myanmar as a destination for investors. Earlier, she visited China, the United States and India.
According to the Japanese Ministry of Foreign Affairs, in the fiscal year of 2014, which ended in March 2015, Japan’s direct investment in Myanmar reached USD 86 million. Myanmar’s export to Japan hit USD 513 million, mainly clothing and farm produce, while importing USD 1.3 billion worth of products from Japan, mostly cars and machineries. -VNA


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