The US will open a foreign trade service branch in the Myanmar capital city of Yangon, with the aim of further boosting the trade ties between the two countries, Myanmar media reported.

The plan was touched upon at Myanmar President U Thein Sein’s June 5 reception for US Commerce Secretary Penny Pritzker.

The two sides discussed how to increase direct investment by American companies and step up bilateral cooperation in the fields of energy and agriculture.

On the day, a business luncheon was hosted by US-ASEAN Economic Council in Nay Pi Taw during which participants talks a wide range of issues relating to transport, banking and insurance, foreign investment, dispute settlement, potential economic cooperation and conditions for both sides’ businesses.

By January, US investment inflow in Myanmar amounted to 243.5 million USD, standing the 13th among Myanmar’s foreign investors, according to Myanmar official statistics. Two-way trade between the two countries reached 137.5 million USD last year.-VNA