‘Better trade ties will benefit both India and Myanmar’

YANGON, Dec 14, 2018, Myanmar Times. Improved trade and investment will bring many benefits to both countries says leaders and members of the business community in Myanmar and India, reported the Myanmar Times.

This was the view expressed by many people attending the three-day Fifth Enterprise India-Myanmar trade event which began yesterday at a hotel in Yangon, including India’s President Ram Nath Kovind.

In his speech at the opening of the event yesterday, Kovind said: “I am delighted to be here to inaugurate the Fifth Enterprise India Show in Yangon. My participation in this event and the presence of a high-level business delegation from India underlines the importance we attach to our economic relations with Myanmar. We have leading Myanmar businesses and over 50 Indian companies, from globally reputed majors to SMEs engaged in cutting-edge manufacturing, participating in this event. I commend the efforts of the Confederation of Indian Industry and the Union of Myanmar Federation of Chambers of Commerce to host this show and to draw an impressive participation.

“Myanmar and India are close neighbours with an abiding friendship. Our trade and investment partnership, however, at present, is modest. But we both remain deeply committed to bring them up to steam. Opportunities before us are many and multiple – to expand trade, forge joint ventures and invest in each other’s growth and development.

“As Myanmar is seeking to make an economic transition and India has established itself as the fastest growing major economy in the world, the two countries can do much to learn and leverage each other’s competencies. I am happy that the Enterprise India Show has brought the best of Indian products, services, innovation and know-how to business partners, start-ups, incubators and customers in Myanmar. And I hope both sides will take advantage of the opportunities on offer over the next few days.”

The president pointed to infrastructure projects to enhance connectivity between the countries and facilitation of land-border crossings as part of efforts to enhance trade and tourism.

Commenting on Myanmar’s decision to extend visas on arrival to Indian tourists arriving at Nay Pyi Taw, Yangon and Mandalay airport, announced earlier this week, Kovind said this would give a major boost to people-to-people exchanges and business ties, making it easier Indian businesses to study the immense possibilities and prospects in the Myanmar in areas such as renewable energy, power, light engineering, agro-products and machinery, IT, pharmaceuticals, health-care and education.

Indian Ambassador to Myanmar Vikram Misri said Indian businesses are interested in investing in Myanmar’s energy, and agriculture sector, and services such as banking, IT and telecommunications.