Myanmar, Germany to intensify bilateral dialogue

The Union of Myanmar Federation of Chambers of Commerce and Industry and the Association of German Chambers of Commerce and Industry-DIHK reconfirmed their willingness to intensify dialogue and cooperation through further business forums and targeted platforms for business to business exchange, according to a joint statement on Tuesday. The joint-statement was issued on the occasion of the one-day Myanmar-German Business Forum held at the headquarters of UMFCCI. The statement said that both sides will continue to jointly work on promoting and further developing the spirit of partnership and trust, aiming at mutual benefit. Both sides were aware that promoting foreign direct investment will be a key for economic development and social stability in Myanmar, the statement said, adding that development of infrastructure and power supply will be a prerequisite for this. The German side emphasized its willingness to engage in further qualification activities through institutional cooperation and business to business partnerships, it said. The statement also stressed that both sides will cooperate to further promote corporate social responsibility in both countries and to gradually develop high standards for labor and safety in Myanmar. On Monday, Myanmar and Germany has signed an agreement in Nay Pyi Taw on relief of Myanmar's debt owed to Germany by 50 percent. The remaining Myanmar debt of 542 million euros (about 704.6 million U.S. dollars) out of 1,084 million euros (1,409 million USD) with a three-percent interest is to be repaid within a period of 15 years. Gauck arrived in on Sunday for his first ever official visit to Myanmar as a German President in 26 years. On Monday, following his meeting with Myanmar counterpart U Thein Sein, Gauck also met Parliament and Lower House Speaker U Shwe Mann and opposition leader and Chairperson of the Lower House 's Committee for Rule of Law and Tranquillity Daw Aung San Suu Kyi.