Myanmar, India to cooperate in raising trade volume

The two sides expressed their resolve in a memorandum of understanding signed between Myanmar Ministry of Commerce and the Indian Industries Association (IIA).

The MoU came after talks between Myanmar Commerce Minister U Win Myint and President of the Indian Industries Association (IIA) Shri Pramod Miglani.

Their talks focused on promoting trade, including border trade, boosting private sectors, enhancing IIA's investment in Myanmar and simplifying trade procedures.

Myanmar and India are seeking closer cooperation in trade and investment. India held late last month an INVESTRADE Fair 2014 in Yangon and Mandalay, participated by 50 Indian companies.

India, the largest buyer of Myanmar's grain, is also its third largest export market.

Bilateral trade between them reached 1.636 billion U.S.dollars in the fiscal year 2013-14, of which Myanmar's export to India accounted for 1.143 billion dollars while its import from India stood at 493 million dollars.

According to official statistics, Indian investment in Myanmar reached 300.44 million dollars in 13 projects as of June 2014, accounting for 0.64 percent of the total foreign input and ranking the 11th in Myanmar's foreign investment line-up since Myanmar opened its door in late 1988.