22 March 2018
The 2nd edition of Myanmar-India Business Conclave named “Forging Partnerships for Economic Integration” was held in Yangon on Thursday. It was organized by Embassy of India, India’s Department of Commerce and Confederation of Indian Industry in collaboration with Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI).
Panelists from Myanmar and India mainly discussed such topics as agriculture & Agro Processing, Power and Infrastructure, IT, Education & Soft skills and Health and Pharma.
Vice-President, UMFCCI, Dr. Maung Maung Lay said "This is to improve not only trade sector but also investment between the two countries. If we collaborate with India, we hope that our country’s business sector will improve. We also hope that the bilateral trade balance will increase in this fiscal year."
India has been a major trading partner of Myanmar for many years. Since the signing of the Myanmar-India trade agreement in 1970, bilateral trade has grown steadily from 328 million USD in 1997-1998 to 921.19 USD in 2006-2007 and 2.18 billion in 2013-2014 and 2.17 Billion in 2016-2017.
Chairman, Confederation of Indian Industry International Council, Dr. Naushad Forbes said “… The purpose of this program is to bring together India Business Firm in Myanmar, to explore how we can expand what we doing the country of Myanmar. Two specific things we’d like to do from Confederation of Indian Industry, one is to start up training Institute here that will provide trainings and entrepreneurship. Second is to encourage many India companies to operate here in Myanmar and make it easier for them to operate …”
India’s exports to Myanmar include steel and iron products, electrical machinery, pharmaceuticals, machinery and equipments and many others. The bilateral trade hits 2.17 billion USD in 2016-2017 Fiscal Year.