Русский
Russia and Myanmar are aiming to diversify and increase their mutual bilateral trade, with previous problems with logistics and payments no longer a hindrance to this, according to Maxim Reshetnikov, Russia’s Economic Development Minister. He was speaking at the joint Russia-Myanmar commission trade and economic cooperation in Moscow on Monday (October 5).
Reshetnikov said that “As of last year, Myanmar has been exporting beans, furniture and kitchenware to Russia, and Russia has begun exporting mineral fertilizers, shipments of which grew more than 3000% this year. What we need now is more than targeted, one-off deals, but predictable, stable shipments. Joint business missions have confirmed that Russian companies are prepared to increase exports of fuel, vehicles, grain, medical items and medicines and telecoms equipment, as well as to begin exporting meat produce. We also want to increase imports from Myanmar – primarily fruits, rice, coffee and spices. In parallel with this, we are resolving issues with both payments and logistics, and these are not causing any hindrance to trade at the present time.”
He added that a Memorandum of Understanding was signed by Sberbank and Myanmar’s Finance Ministry was an important signal to companies of the appearance of a reliable sales channel, which is of crucial importance for the expansion of trade relations and the implementation of both countries’ investment projects, and said “The growth of trade is contingent upon convenient logistics. The experience of Russian transport group FESCO in transporting containers between Russia and ASEAN countries will come in useful here. The company is prepared to collect shipments from Myanmar – the main thing now is volumes.”
He said that work was also underway to develop the Dawei economic zone, saying that “Attention is being focused on implementing Russian companies’ projects in the Dawei special economic zone. A feasibility study has been put together for the deep-water port project. The first stage of the feasibility study has been completed for the coal-fired thermal power plant. The stages of this zone’s development are being formed.”
He also said that an organic fertilizer plant was being built in Myanmar and was scheduled for completion in early 2027. “There are agreements on the construction of a second plant,” he said.
Reshetnikov said that an intergovernmental agreement on the construction of a low-capacity nuclear power plant (NPP) had already been signed and “negotiations teams are working out the configuration of the future NPP”.
Russia and Myanmar have been expanding their bilateral trade and economic ties through long-term commodity agreements, joint infrastructure projects, and alternative settlement mechanisms. Bilateral trade turnover has been scaling up, with total trade value near US$2 billion.
Of this, Myanmar exports beans, transformers, furniture, kitchenware, outerwear, and footwear, alongside ongoing efforts to export mango pulp, dried mango, and coffee to Russia, while Russia exports mineral fertilizers, crude oil, refined petroleum products, LNG, LPG, hard coal, vehicles, grain, and medical supplies.
A major breakthrough has been created in the mutual payment & settlement Infrastructure, with direct ruble-kyat payment mechanisms and Indian rupee-based launched to bypass the SWIFT and sanctions barriers, alongside the integration of Mir cards for travel and business transactions.
