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Myanmar President urges parliament to ratify ASEAN-HK accords

28/02/2019

President U Win Myint on Tuesday urged parliament to ratify the ASEAN-Hong Kong Investment Agreement and ASEAN-Hong Kong Free Trade Agreement, because it could help attract more investment from China’s autonomous regions.

Planning and Finance Deputy Minister U Set Aung filed the motion in parliament on behalf of the government and the president’s office.
The parliament will decide the issue on Thursday.

Myanmar is a member of the Association of Southeast Asian Nations, which also includes Brunei, Cambodia, Laos, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. 

Signing the ASEAN-Hong Kong investment deal would greatly help the government’s efforts to attract Hong Kong investment in industries and infrastructure, according to U Set Aung. 

U Set Aung also submitted a resolution to parliament to ratify the ASEAN-Hong Kong Free Trade Agreement, which is required of all ASEAN members.

The agreement is aimed at increasing economic opportunities and setting up a more cost-effective market for ASEAN and Hong Kong.

“The agreement would lead to more trade and investment opportunities between ASEAN and Hong Kong,” he said. “It will also support regional economic development.”

The ASEAN secretary general will be notified when the two agreements are ratified.  

Hong Kong is the fourth biggest foreign investor in Myanmar, having invested nearly US$8 billion in 20 years, according to the Directorate of Investment and Company Administration. 

Source: Myanmar Times