Russia, Myanmar sign agreement on promotion, protection of investment — ministry

“This agreement opens up new prospects for Russian business in Myanmar,” Maksim Reshetnikov said

ST. PETERSBURG, June 20. /TASS/. Russia and Myanmar have concluded an agreement for the promotion and protection of investments on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

The document was inked by Russian Economic Development Minister Maksim Reshetnikov and Minister for Investment and Foreign Economic Relations of the Republic of the Union of Myanmar Kan Zaw.

The new agreement provides a legal basis for expanding investment cooperation between the two countries, providing for guarantees for protection of investments, ensuring a non-discriminatory regime for investors and modern mechanisms to resolve investment disputes, including through their transfer to international arbitration. The provisions on easing the investment procedures will speed up the implementation of mutually beneficial investment projects.

“This agreement opens up new prospects for Russian business in Myanmar. We particularly note Myanmar’s willingness to involve Russian companies in the development of oil and gas fields on the shelf. Russian technologies and expertise can play a key role in the development of Myanmar’s energy sector,” Reshetnikov said following the signing.

Moreover, the agreement will create favorable conditions for cooperation in such promising areas as transport infrastructure, metallurgy, agriculture, and telecommunications. The document will take force after both parties complete the required domestic procedures.