India intends to foster bilateral trade with Myanmar

Myanmar has opened border trade camps at her neighbouring countries, including India to promote trade promotion through normal and border trade routes. A border gate at Reedkhoda Town, Chin State, shaing border with India.—Photo: panoramio.com
Myanmar has opened border trade camps at her neighbouring countries, including India to promote trade promotion through normal and border trade routes. A border gate at Reedkhoda Town, Chin State, shaing border with India.—Photo: panoramio.com

Yangon, 25 Jan — India intends to promote bilateral trade with Myanmar, according to a report of Business Standard on 22 January, quoting an official statement of the Indian government.
President Pranab Mukherjee called for increasing bilateral trade during the meeting with Vice President Dr Sai Mauk Kham who made a five-day visit to India from 19 January.
The statement said, “India-Myanmar bilateral trade is growing and India is today Myanmar’s fourth largest trading partner with the balance of trade greatly in favour of Myanmar. Yet, this trade is far below potential and does not reflect the closeness of ties,”
Mukherjee said, “Indian companies are keen to bring their expertise and resources to Myanmar in promising sectors such as energy, power, construction, banking, and insurance.”
He also said India has believed that its development could not be complete and sustainable unless it built productive partnerships with its immediate neighbours.
Myanmar and India are making efforts to expedite completion of all bilateral developmental projects, including the Kaladan Project and connectivity projects.
The Indian President expressed his appreciation for the historic reforms undertaken by the Myanmar government for democratization, negotiation of a nation-wide cease-fire with armed ethnic groups, economic development and establishment of peace and stability.
The statement added, “He congratulated the government of Myanmar for taking forward the peace and national reconciliation process in an inclusive manner to meet the aspirations of all ethnic nationalities. He also conveyed his good wishes and support of the government of India for the successful conclusion of nationwide cease-fire and working towards establishment of peace and stability in the ethnic states,”
India has also intended to promote cooperation between the two countries, being committed to building a peaceful, stable and economically interlinked neighbourhood as it is essential for the collective development and prosperity of the region.
President Mukherjee remarked on the greater role of Myanmar in the region and at other international forums, congratulating the successful chairmanship of Myanmar in the ASEAN and East Asia summits.
Myanmar is the only ASEAN country bordering India, and it is the gateway for India to
South-East Asia.
Dr Sai Mauk Kham also said Myanmar government was grateful to India for the assistance provided in various fields, especially in capacity-building, health care and lines of credit for various projects, and inviting the Indian president to encourage the Indian business community to explore various opportunities in Myanmar.
Trade volume between the two countries has exceeded $ 2 billion, and is expected to soar to $3 billion at the end of 2015.
Indian companies that have a presence in Myanmar include ONGC Videsh (OVL), Jubilant Oil and Gas and the Century Ply-Star Cement group. GNLM

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