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China-Myanmar economic cooperation gains momentum: media

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YANGON, Sept. 14 (Xinhua) -- China-Myanmar relations and economic cooperation are gaining momentum as bilateral friendship is improving significantly, hailed the official daily New Light of Myanmar Tuesday.

Noting that China is Myanmar's second largest trading partner for long and the third largest investor now, the editorial of the daily said "the two neighbors are building strategic trust between them by exchanging goodwill visits of state leaders and holding hear-to-heart discussions about important issues in international conferences".

In a bid to boost bilateral trade turnover, the two countries will supervise Myanmar-China economic cooperation projects by forming working groups between them, it said, adding that bilateral cooperation in the energy, hydropower, oil and gas and infrastructual sectors has proved successful.

The editorial cited the Chinese side as saying that China is inviting Myanmar companies to establish a foothold in the Chinese market to promote export and encouraging strong Chinese companies to make investment in Myanmar for economic growth of the country.

The editorial disclosed that the two sides now have compared notes on construction of Shweli-Kyaukphyu road and railroad and Kyaukphyu port; assistance to be provided for Myanmar's industrial development, joint measures to avoid environmental deterioration in implementing the projects; establishment of Myanmar banks in China and encouragement to Chinese companies to invest in Myanmar.

On Monday, Myanmar official media also hailed the recent state visit of the country's top leader Senior-General Than Shwe to China at the invitation of Chinese President Hu Jintao, saying that the visit has provided further impetus for mutual understanding, friendship, cooperation and paukphaw (fraternal) relations between the two neighbors.

According to official statistics, in 2009, China-Myanmar bilateral trade totaled 2.907 billion U.S. dollars.

Up to January 2010, China's investment in Myanmar amounted to 1. 848 billion dollars, accounting for 11.5 percent of Myanmar's then total foreign investment.

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