A STRONG and stable economic foundation is a necessity for every country. Only with a solid economic foundation can other challenges be effectively addressed. Myanmar is working to support MSME (Micro, Small, and Medium Enterprises) industries by leveraging its growing and improving economic strength, while also striving to increase export capacity.
To increase exports, it is necessary to produce high-quality and advanced products. Achieving this requires appropriate technology. In addition, a wide and diverse market is essential for boosting exports. To meet these needs, Myanmar is collaborating with the Europe-Asia Economic Union.
The economic cooperation between Myanmar and the Eurasian Economic Union (EAEU) began in 2022. At Myanmar’s invitation, a delegation from the EAEU and the Eurasian Economic Cooperation (EEC) visited Myanmar and held extensive discussions with relevant ministries on various sectors, including electricity and energy, agriculture, education, and transportation. The cooperation gained momentum starting in 2023. During this period, Myanmar signed a Memorandum of Understanding (MoU) on economic cooperation with the Eurasian Economic Commission at the 26th Saint Petersburg International Economic Forum held in the Russian Federation.
In 2024, a delegation from the EEC visited Myanmar and accelerated efforts to strengthen cooperation. Joint working group meetings for cooperation between Myanmar and the EEC on implementing agreements were held once in Nay Pyi Taw, Myanmar, and once in Saint Petersburg, Russia. These meetings helped enhance collaboration and communication, laying a solid foundation for deeper mutual relations. Myanmar is exploring opportunities to expand economic and trade cooperation with member countries of the EAEU and will continue to work towards strengthening these ties.
In today’s international environment filled with numerous challenges, it is necessary for us to unite and cooperate to overcome difficulties. The 24th EEF was held on 26 June in Minsk, Belarus. The EEC has demonstrated significant achievements in recent years despite facing external economic challenges such as sanctions. The EAEU, established in 2015, aims to enhance economic cooperation and improve the living standards of member States.
Through these forums, international organizations, and collaborations with countries, the EAEU has made progress in enhancing its international role in line with the changing global environment. This includes developing platforms for transportation and energy cooperation, improving international payment systems, promoting the emergence of Free Trade Agreements, facilitating easier investment in various developing sectors, and advancing financial support mechanisms. To build a developed and progressive society, it is essential to establish a regionally united and mutually respected organization. This is also a crucial part of efforts to strengthen Myanmar’s economic foundation.
