India-Myanmar trade can cross $10 billion mark by 2020, Indian Commerce & Industry minister says

Photo taken around three months ago of Sittwe port which is being upgraded by India in Sittwe,  Rakhine State. The project which started in December 2010, is expected to be completed this May.  Photo: Ye Myint
Photo taken around three months ago of Sittwe port which is being upgraded by India in Sittwe, Rakhine State. The project which started in December 2010, is expected to be completed this May. Photo: Ye Myint

Yangon, 18 Feb — By 2020, bilateral trade between India and Myanmar is expected to top US$10 billion, Indian Minister for Commerce and Industry Nirmala Sitharaman told local media after a business interaction at the UMFCCI building on Wednesday.
The interaction between a Myanmar delegation led by Deputy Minister for Commerce Dr Pwint Hsan and U Win Aung, president of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, and the Indian minister-led delegation focused on trade promotion, cooperation between the two business communities and investment potential in various sectors, including renewable energy, health services and infrastructure development, according to a UMFCCI official.
The Indian side expressed its willingness to set up branches of Indian banks in Myanmar for better and speedy payments and trade facilitation, he added.
The UMFCCI president, in his welcome address, invited Indian manufacturing businesses to invest in the country’s special economic zones, especially in the Thilawa SEZ which is being implemented in Thanlyin, about 20km southeast of Yangon.
The Indian minister also invited Myanmar business community to showcase investment opportunities, especially in the special economic zones in Myanmar, at a Myanmar Investment Roadshow which is expected to be held before April in India.
The next Joint Trade and Investment Forum will be held in Chennai, said the Indian minister who has been here the last two days in connection with the 5th meeting of the India-Myanmar Joint Trade Committee in Nay Pyi Taw.
Setting a bilateral trade target of $3 billion within 2015, Myanmar and India are seeking possibilities to enhance trade and investment between the two countries.
India is the fifth largest trading partner for Myanmar at $1637.10 million after China, Thailand, Singapore and Japan. Total trade volume between the two countries is expected to reach higher than the projection of $25.7 billion at the end of the 2014-2015 FY. In the 2013-2014 FY, the total trade was $1637.10 million. India’s investment in Myanmar in 14 existing projects in agriculture, manufacturing and oil and gas is $378.196 million. —GNLM

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