NEWS - Myanmar to Host ASEAN CCI Co

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Subject: NEWS - Myanmar to Host ASEAN CCI Council Meeting

Myanmar to Host ASEAN CCI Council Meeting

               Xinhua
               06-APR-99

               YANGON (April 7) XINHUA - Myanmar will host the 56th
               ASEAN Chamber of Commerce and Industry (CCI) Council
               Meeting in April-May, said a latest issue of the Myanmar
               Business News published by the Myanmar Chamber of
               Commerce and Industry (MCCI). 

               The venue was proposed at an executive committee meeting
               of the ASEAN CCI held in Jakarta, Indonesia, in September
               last year and was agreed upon later by Myanmar. 

               The September meeting discussed the enhancement of
               intra-ASEAN trade and investment, activities of the ASEAN
               CCI and effective communications with each national
               chamber among others. 

               An agreement was also reached at the meeting that
               members' annual contribution fees of 1998-99 could be
               settled in the respective ASEAN currency based on the
               current monetary exchange rate in view of the then
economic
               downturn as well as to reduce reliance on the U.S.
dollar. 

               The MCCI plays a key role in bringing about foreign
               investment in Myanmar. Up to the end of 1998, five ASEAN
               member countries -- Indonesia, Malaysia, the Philippines,
               Singapore and Thailand -- injected in Myanmar 3.7 billion
               U.S. dollars in 146 projects, accounting for 52.3 percent
of
               the 7.08-billion-dollar total foreign investment. 

               Myanmar's trade with the five member countries totaled
1.94
               billion dollars in 1998, accounting for 49 percent of the
               country's total foreign trade volume in the year,
according to
               a latest official statistics. 

               Meanwhile, the MCCI is cooperating with companies based
               in ASEAN member countries to implement an ASEAN
               Industrial Cooperation Scheme, aimed at improving
               industries in the Southeast Asia region. 

               In addition to two ASEAN member countries of Singapore
               and Thailand, the MCCI, a member also of the Paris-based

               International Chamber of Commerce, has also reached
               memorandums of understanding on cooperation with its
               counterparts from seven other countries -- Bangladesh,
               Germany, Israel, India, Japan, South Korea and Nepal. 

               The MCCI, established in 1919, is one of the 35 major
trade
               organizations in Myanmar and is regarded as the voice of
               business sector particularly as the authoritative
               representative of the private sector business at the
national
               level.