German President announces debt cancellation of 500 million euros for Myanmar

According to German news agency DPA, German President Joachim Gauck on February 9 welcomed the progress towards democracy in Myanmar and said Germany will support this Southeast Asian country.

The above statement was made by Mr. Gauck when visiting Shwedadong Pagoda (Golden Pagoda) in the capital Yangon of

German President Joachim Gauck has welcomed progress towards democracy in Myanmar (Photo: en.wikipedia.org)

Among the measures to support Myanmar, Germany has approved a debt write-off of 500 million euros ($682 million) for the Southeast Asian country, sources said.

According to the plan, on February 10, President Gauck will meet with his host country counterpart Thein Sein and opposition politician San Suu Kyi. He will then inaugurate the German Economic Office and Goethe Institute in Yangon. Myanmar is President Gauck's second stop on his eight-day tour of Asia.

Economic and cultural cooperation between Germany and Myanmar was enhanced after former German Foreign Minister Guido Westerwelles visited Myanmar in 2012. Bilateral trade turnover reached 187.53 million USD in the 2012-2013 fiscal year.

Germany has resumed comprehensive development aid to Myanmar after the European Union (EU) suspended sanctions against the country./.

According to VNA