MYANMAR SEEKS INDIAN INVESTMENT, GREATER TRADE

Asia Pulse:15May, 2006

Myanmar on Saturday invited Indian investors and said bilateral trade needed to be intensified to achieve a US$1 billion target.

"We are planning to establish a new industrial zone in Yangon. In that zone, India can invest," Myanmar Ambassador H E U Kyi Thein said at a CII meeting.

This was a good opportunity for investment, he said, adding the two countries also needed to expand trade ties.

"We will have to intensify trade to reach the challenging target of US $one billion in 2006," Thein said.

Bilateral trade stood at US$557.68 million in 2005-06, up by 24 per cent compared to last financial year, he added.

Myanmar was importing fertiliser, cement, machinery goods from India, he said, while seeking investments from Indian companies in the pharmaceutical sector.

Thein said ways and means must be found to extend the border trade, which stood at US$14.68 million.

He also emphasised on laying down rules and regualtions for transit trade with China and Thailand.

Speaking on the occasion, Directorate of Trade Deputy Director General U Myo OO said: "We met Commerce Ministry officials and had fruitful discussions. We have set some priorities and identified some commodities for trade."

Stating that Indian industry was keen to expand its trade and investment relations with Myanmar, Rajshree Sugars and Chemicals Chairperson Rajshree Pathy said efforts must be made to include more goods and services in trading arrangements.