Indian investment in Myanmar must be linked to Myanmar’s overall development. This was stated by Daw Aung San Suu Kyi Hon’ble State Counsellor and Union Minister for Foreign Affairs, Republic of the Union of Myanmar at the India – Myanmar Business Roundtable that was organized by the Confederation of Indian Industry (CII) in cooperation with the Ministry of External Affairs in New Delhi today.

According to the Minister, opportunities for cooperation must be mutually beneficial and must be a fair deal for both countries.

She mentioned that Myanmar was in the process of notifying a new Investment Law which would accord the same treatment to foreign companies as was being given to domestic companies. With the enactment of the new law, the Minister hoped that there would be transparency in contracts, the rule of law would be enforced and corruption would be curbed. Issues such as repatriation of profit and also of capital have also been addressed in the new law, she added.

She stated that Indian Industry could cooperate with Myanmar in areas such as skill development, agriculture especially organic agriculture, agri-machinery and infrastructure development among others.

In his address, Mr. Amar Sinha, Secretary (ER), Ministry of External Affairs, stated that economic relations between the two countries needed focused attention. He felt that bilateral trade was well below par and measures needed to be taken to boost trade. He highlighted certain issues between the two countries which needed to be resolved including the need to modernize banking and finance channels in Myanmar, equal treatment in terms of tariffs and duties, tariff rationalization in the automobile sector and clarity on Myanmar’s energy policies.

Mr. Sinha stated that on its part, India was working on completing the various connectivity projects that were underway which would link India’s Northeast with Myanmar.

Addressing the participants, Dr. Naushad Forbes, President, CII highlighted the need to step up bilateral economic relations with Myanmar. He pointed out that issues such as modern banking channels and payment mechanisms needed to be addressed before Indian Companies needed to be addressed for this to happen.

In his address, Mr. Chandrajit Banerjee, Director General, CII spoke of the need to work together in areas such as IT, Infrastructure, Forest & wood produce, Infrastructure Development among others.

New Delhi

October 19, 2016