Sarkaritel.com News and Features- International News
INDIA-MYANMAR TRADE CAN
BE DOUBLED IN TWO YEARS
New Delhi, October 25, 2004
Bilateral trade between India and Myanmar can be doubled within two years,
according to the India-Myanmar Joint Task Force Report which was released by
Kamal Nath, Union Minister of Commerce & Industry, here this evening. Kamal
Nath said that the various measures suggested in the Report, would, in other
words, help in attaining the agreed goal of achieving US $ 1 billion worth of
bilateral trade by 2006.
He further said that the border trade between India and Myanmar had not
achieved its full potential and that enhanced border trade was essential to step
up the bilateral trade and economic cooperation. The Minister said that with a
view to further accelerating border trade, the second point at Zowkhathar-Rhi,
in addition to the Moreh-Tamu point, was inaugurated a few months ago and
emphasised the need to speedily develop the required infrastructural facilities
at this point so that the trade could take place at the earliest. Mr. Aung
Thaung, Minister for Industry of Myanmar was also present at the launch of the
Report, which has been prepared by the Confederation of Indian Industry (CII)
and United Myanmar Federation Chamber of Commerce and Industry (UMFCCI).
Kamal Nath informed that India has emerged as the largest export market for
Myanmar, accounting for nearly 1/4th of Myanmar’s exports. It has also become
Myanmar’s fourth largest trading partner, he said. The Minister indicated that
the government had formulated a series of policies aimed at developing the
industrial potential of the North East region. “Most of this is in the form of
roads, airports, power, railways, telecommunications, banking and finance. We
have also formulated a policy for concessional freight tariffs for movement of
goods. These factors make the North Eastern region a natural base for exports to
and imports from Myanmar”, the Minister said.
Pointing to the negative balance of trade with Myanmar, Shri Kamal Nath said
that India did not wish any artificial balancing of trade but was looking for a
genuine expansion exploiting the full potential of trade between the two
countries. He highlighted India’s excellence in IT, medical equipment,
pharmaceuticals, engineering products and electrical equipments and said that
India was willing to export expertise in the services sector, which included
hospitals and healthcare. He complimented CII and UMFCCI for the preparation of
this significant report and said that it would provide insights into business
opportunities to entrepreneurs from both countries and a useful starting point
for the generation of both ideas and information.
Kamal Nath later met Mr. Aung Thaung, Minister for Industry, Myanmar and
discussed issues relating to bilateral trade and economic cooperation.
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