Myanmar-India trade expected to reach US$10 billion in five years: Indian commerce minister
Myanmar-India trade is expected to reach US$10 billion in the next five years, and India will invest up to US$2 billion in Myanmar to strengthen the two countries' relationship,said Nirmala Sitharaman, India's Minister of Commerce and Industry at the Bus
The minister said the goal is to raise bilateral trade volume to $3 billion in 2015 and $10 billion by 2020.
“I think trade volume will easily reach to $20 billion by 2020. UMFCCI, the Myanmar government and the Indian government need to cooperate on this. More cooperation and communication between businesses are also required. The Myanmar government and UMFCCI are invited to participate in workshops in India,” she said.
India has changed its Look East Policy, which had lifetime of 20 to 30 years, into the Acting East Policy under the current government. Myanmar plays in an important role in India’s dealings with Laos, Cambodia and other countries in the region, which prompted the minister to come to Myanmar to improve the economic relationship between the two countries.
India invited UMFCCI to hold a showcase events in India in April to attract investment in Myanmar. India will seek to import various goods from Myanmar, including beans, consumer products, rice, fish and manufactured products and will invest in Myanmar’s agriculture sector and SMEs.
India is also considering investing in English language education services and the pharmaceutical industry, according to Dr Maung Maung Lay, the vice-president of UMFCCI.
