President calls for increasing trade with Myanmar

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SME Times News Bureau | 23 Jan, 2015
President Pranab Mukherjee, in a meeting with Vice President of Myanmar Sai Mauk Kham, called for increasing bilateral trade between the two countries, an official statement said Thursday.

Kham called on the president Wednesday evening at Rashtrapati Bhavan.

"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 in the meeting, according to an official statement.

"Indian companies are keen to bring their expertise and resources to Myanmar in promising sectors such as energy, power, construction, banking, insurance etc," he said.

"India has always believed that its development cannot be complete and sustainable unless it builds productive partnerships with its immediate neighbours. India is committed to extend support of $5 million annually for five years under the MoU on Border Area Development."

The president said India has already released a sum of $4.5 million to Myanmar and efforts are being made to expedite completion of all bilateral developmental projects, including Kaladan Project and connectivity projects.

The president welcomed 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.

"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 government of India for the successful conclusion of nationwide ceasefire and working towards establishment of peace and stability in the ethnic states," the statement said.

He said India intends to enhance the cooperation between India and Myanmar. India is committed to building a peaceful, stable and economically interlinked neighbourhood as it is essential for the collective development and prosperity of the region.

He also welcomed the greater role that Myanmar is playing in the region and at other international forums, congratulating it for successful chairmanship of the ASEAN and East Asia Summits.

The Myanmar vice president said that he for long wanted to visit India.

"The 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 across the country," the statement said quoting Kham.

He requested also the president to encourage the Indian business community to explore various opportunities in Myanmar.