China, Myanmar seal friendship
By Ben Blanchard |
May 28, 2011, Saturday
|
Print Edition
Print Edition
MYANMAR and China sealed their friendship with loan and credit line agreements worth more than 540 million euros (US$765 million) yesterday, as the counry's new president praised the Chinese as trustworthy, selfless neighbors.
"China is a friendly neighbor of Myanmar worthy of trust and has provided vigorous support and selfless help for Myanmar's economic development," the country's President Thein Sein told Chinese Premier Wen Jiabao, state television reported.
Wen said China was willing to provide what help it can to help Myanmar's development and ensure the "smooth progress" of oil and gas pipelines being built across Myanmar into southwest China, and seen as crucial to China's energy security.
Thein Sein and President Hu Jintao signed nine agreements, including a cooperation framework agreement for a 540 million euro line of credit from China Development Bank to Myanmar's Ministry of Taxation and Finance.
Other loan deals were agreed between various Chinese and Myanmar ministries, while another covered a hydroelectric project. No details were given.
Thein Sein is no stranger to China, having met top Chinese leaders in the past in his previous official capacities, including as prime minister.
Hu offered his "warm congratulations" to Thein Sein for his appointment as president after the elections, which Myanmar lauded as the culmination of efforts to return the country to civilian rule.
"I believe your visit to China will be advantageous to increasing our mutual understanding and will write a new page in 21st century friendship and cooperation between China and Myanmar," Hu said.
Economic relations are already booming. Bilateral trade rose more than half last year to US$4.4 billion, and China's investment in Myanmar reached US$12.3 billion in 2010, with a strong focus on natural resources and energy projects.
In October, China's state energy group CNPC started building a crude oil port in Myanmar, part of a pipeline project aimed at cutting out the long detour oil cargoes take through the congested and strategically vulnerable Malacca Strait.
"China is a friendly neighbor of Myanmar worthy of trust and has provided vigorous support and selfless help for Myanmar's economic development," the country's President Thein Sein told Chinese Premier Wen Jiabao, state television reported.
Wen said China was willing to provide what help it can to help Myanmar's development and ensure the "smooth progress" of oil and gas pipelines being built across Myanmar into southwest China, and seen as crucial to China's energy security.
Thein Sein and President Hu Jintao signed nine agreements, including a cooperation framework agreement for a 540 million euro line of credit from China Development Bank to Myanmar's Ministry of Taxation and Finance.
Other loan deals were agreed between various Chinese and Myanmar ministries, while another covered a hydroelectric project. No details were given.
Thein Sein is no stranger to China, having met top Chinese leaders in the past in his previous official capacities, including as prime minister.
Hu offered his "warm congratulations" to Thein Sein for his appointment as president after the elections, which Myanmar lauded as the culmination of efforts to return the country to civilian rule.
"I believe your visit to China will be advantageous to increasing our mutual understanding and will write a new page in 21st century friendship and cooperation between China and Myanmar," Hu said.
Economic relations are already booming. Bilateral trade rose more than half last year to US$4.4 billion, and China's investment in Myanmar reached US$12.3 billion in 2010, with a strong focus on natural resources and energy projects.
In October, China's state energy group CNPC started building a crude oil port in Myanmar, part of a pipeline project aimed at cutting out the long detour oil cargoes take through the congested and strategically vulnerable Malacca Strait.
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