The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCC) reported that a memorandum of understanding to promote cooperation between Indonesia and Myanmar businesses was signed on September 5.

A round-table discussion was held with leading entrepreneurs from Indonesia and Myanmar on September 5 Held at the Sultan Hotel in Jakarta, Indonesia, which is a significant step towards promoting trade and economic cooperation between the two countries.

During the ASEAN Economic and Investment Summit in Jakarta, such a discussion was also a commitment to promote strong economic relations between the two countries.

"As ASEAN becomes the center of growth, we are sure that they will not leave anyone behind, and in various industries there is a lot of cooperation between Indonesia and Myanmar,” said Mr. M. Arsjad Rasjid P.M., president of ASEAN-BAC and president of the Indonesian Chamber of Commerce and Industry (KADIN).

During the round-table discussion, potential trade and investment cooperation in various sectors, as well as from materials to textile industries and energy cooperation, and financial and trade payment issues were discussed.

U Aye Win, president of the UMFCCI and ASEAN-BAC Myanmar, said: "In order to accelerate the integration of the region, economic stability is key not only for Myanmar but also for Asia, and we recognize KADIN's cooperation and support."

An MoU was signed between KADIN and UMFCCI to strengthen economic communications and strengthen mutual growth.

The MoU includes sharing knowledge and best practices, holding workshops and conferences, promoting business activities, and prioritizing cooperation in projects.

Indonesia, a major exporter of palm oil, plays a key role in food security for many households in Myanmar. Similarly, Indonesia's main food, rice and legumes play an important role for trade relations.

The discussion also emphasized the importance of addressing food security needs.