Japan pledges US$7.7 billion for Myanmar
Japanese Prime Minister Shinzo Abe on November 2 said that Japan will provide 800 billion Yen (US$7.73 billion) for Myanmar over the next five years to assist the peace process and national development in the country.
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Speaking at a joint press conference with Myanmar State Counsellor and Minister of Foreign Affairs Aung San Suu Kyi, who is visiting Japan, PM Abe expressed his hope that the funding will help Myanmar develop.
Of the funds, 40 billion Yen (US$387 million) will be used to assist ethnic minority groups, with the remaining to be invested in airports and electricity projects.
Earlier, in a meeting with Aung San Suu Kyi in Tokyo, the Japanese PM pledged Tokyo’s full support for public and private sectors in Myanmar. He said he hopes that Aung San Suu Kyi’s trip will be a strong push to bilateral ties.
Aung San Suu Kyi acknowledged Japan’s assistance as helping Myanmar’s efforts in ensuring peace and stability and expressed her belief that Tokyo will a trusted partner of Nay Pyi Taw as Myanmar is writing a new chapter in its history.
The five-day tour of Japan is the latest in a series of Aung San Suu Kyi’s foreign visits to promote Myanmar as a destination for investors. Earlier, she visited China, the United States and India.
According to the Japanese Ministry of Foreign Affairs, in the fiscal year 2014, which ended in March 2015, Japan’s direct investment in Myanmar reached US$86 million. Myanmar’s export to Japan hit US$513 million, mainly clothing and farm produce, while importing US$1.3 billion worth of products from Japan, mostly cars and machineries.
