7 June 2018
The joint efforts to increase not only the bilateral trade but also investment between Myanmar and India are in full swing.
India has been a major trading partner of Myanmar for many years, and the 11 largest investors in the country.
Since the signing of the Myanmar-India trade agreement in 1970, bilateral trade has grown steadily from 328 million USD in 1997-1998 to 2.17 Billion in 2016-2017.
But the amount slightly down to about 1.6 Billion USD in 2017-2018 due to decrease in trading especially, pulses and sugar, the first secretary of Indian Embassy in Yangon said.
First Secretary, Embassy of India, Shweta Singh said "... There’s just in decreasing export of pulses from Myanmar side, and decrease in import of sugar from India... So we have a target of reaching at least 5 Billion dollars which we should ever... a couple of years ago. But it's not been possible. So I think together we need to make some more efforts, some extra efforts are required to take this forward... "
The trading and investment actions have been taken place in the country, but lack in information still challenge the industry to grow, she added.
First Secretary, Embassy of India, Shweta Singh said "... There has been a problem in terms of investment by lack of information on both of the sides, I'm saying. Not only on part of India entrepreneurs but also in Myanmar,.. either promoting investment from India or disseminating information about whereas the opportunities are living in the country... "
She also assured more and more investment will happen within this year.
First Secretary, Embassy of India, Shweta Singh said "... There is some investment coming in agriculture based industry... Also hopeful of something more happening in the pharmaceutical side... And we hope that trade in general will increase..."
India’s major exports to Myanmar include sugars & sugar confectionery, pharmaceuticals, garment & textiles, Iron & steel, machinery and many others.