FICCI-Myanmar chamber sign MoU to strengthen trade and business ties
FICCI and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) today signed a Memorandum of Understanding (MoU) to strengthen trade and business relations between Indian and Myanmarese industry.
Speaking on the occasion, Jairam Ramesh, Minister of State for Commerce, said the agreement between the two countries on the Kaladan Multi-Modal Transport project in Myanmar, for which India has committed Rs. 540 crore worth of investment, will open a new access route to India’s north-eastern region and connect the region to Asian and South East Asian nations through Myanmar.
Ramesh said, the Kaladan projects, slated to be completed in five years, seeks to upgrade the Sittwe Port, make river Kaladan navigable and build the link road to Mizoram.
The Sitwee project will open up India's landlocked north-eastern states - Assam, Manipur, Meghalya, Mizoram, Tripura, Sikkim, Nagaland and Arunachal Pradesh - to international trade routes through the Bay of Bengal and give a fillip to the country’s ‘Look East’ policy.
The multi-modal transport project also takes into account building roads and waterways in Mizoram and Myanmar that would connect Kaletwa in Myanmar with the National Highway 54 at Nalkawn in Mizoram. The Minister urged Indian trade and industry to change their image in Mynmar and commit themselves to long term trade and investment in the neighboring countries.
He said both governments have decided to expand the trade basket from the current 22 items and explore the possibility of setting up more centers for trade. Currently, trade between the two countries is through Moray, all of it being unofficial or illegal trade.
Ramesh saw prospects for collaboration between India and Myanmar in hydrocarbons prospecting, oil and gas refining, HRD in science & technology, and mining.
U Soe Tha, Minister of National Planning and Economic Development, Myanmar, urged businessmen of the two countries to expand their areas of cooperation in trade and investment and forge joint ventures for exports to their countries and third countries.
The meeting was also addressed by Brig, General, Tin Naing Thein, Minister of Commerce, Myanmar; Mr. U Win Myint, President, UMFCCI; and Mr. Daya Krishna Goyal, Chairman FICCI India-Myanmar Business Forum & Chairman, Angelique International Ltd.