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The agreement was signed by Myanmar’s Ministry of Science and Technology Ko Ko Oo and Brazilian Ambassador Jose Carlos in Nay Pyi Taw Tuesday.
Ko Ko Oo said the signing “would further cement the friendly ties between the two peoples”.
With a population of 60 million and growing, Myanmar has been called the “last economic frontier” by the International Monetary Fund (IMF).
A recent forecast by McKinsey has predicted an 8 per cent GDP growth for Myanmar.
Vice President of Myanmar Sai Mauk Kham had sought Brazilian investment in the country’s special economic zones earlier in April this year.
China is the biggest investor in neighbouring Myanmar, while India has also recently stepped up an investment drive in the fast growing Asian economy.
Chinese firms have reportedly invested over $14 billion in Myanmar.
The strategic Myanmar-China $2 billion natural gas pipeline was inaugurated on Sunday in Mandalay and has started delivering gas to China.
Brazilian Ambassador Carlos asserted on Wednesday that Brazilian experts would soon come to Myanmar to coordinate the technical agreement.
Myanmar and Brazil will also boost development and investment in the country’s tourist sector.
Foreign tourists to Myanmar are forecast to reach 2.5 million in 2013.
In February 2012, as part of bilateral cooperation, Myanmar and Brazil signed a memorandum of understanding on establishing a mechanism for political consultations between the two countries.