The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and Japan Chamber of Commerce and Industry in Myanmar (JCCM) signed a Memorandum of Understanding (MoU) on all-round economic cooperation and development at the Park Royal Hotel last Wednesday, state media reported.

The MoU is designed to promote bilateral trade and investment, information and technology exchange, as well as human resource and infrastructural development.

From 1995 to 2017, Japan and Myanmar agreed to enter into 15 MoUs. Bilateral trade between Japan and Myanmar grew 2.2 times between 2012 and 2017, the report said.