Myanmar, Germany to cooperate in development

Myanmar and Germany have vowed to cooperate in development of Myanmar, official report said on Friday.
Under an agreement on development cooperation signed between Myanmar's Ministry of National Planning and Economic Development and the German Embassy here, the cooperation covers development of Myanmar in economic, social and environmental conservation sectors and further strengthening of bilateral relations.
According to the report, as of 2011-12 fiscal year, Germany had provided Myanmar with 31.613 million U.S. dollars in assistance.
In February 2014, Germany granted the relief of Myanmar's debt owed to it by 50 percent, a follow-up of 2013 Paris Club Agreement.
In its latest development, a German bank provided 7 million euros'(9.59 million U.S. dollars) cash aid to Myanmar in May 2014 to encourage economic growth in the country's rural areas.
Besides, under another aid program which runs from March 2014 to September 2015, German International Cooperation also assisted three Myanmar private banks in terms of financial techniques for the development of country's small and medium enterprises (Ames).
Statistics also show that bilateral trade between Myanmar and Germany amounted to 123.6 million U.S. dollars in the fiscal year 2013-14, of which Germany's import from Myanmar totaled 40.36 million USD while its export to the Southeast Asian nation stood at 83.24 million USD.
Germany's investment in Myanmar amounted to 21.1 million USD as of February 2015 since Myanmar opened to such investment in late 1988.