India assures multifarious support to Myanmar, signs three agreements

India and Myanmar agreed to remove impediments to trade and commerce to fully exploit bilateral trade and investment potential.

The Dollar Business Bureau

Expressing solidarity and unstinted support to its traditionally close neighbor, India on Wednesday signed three key agreements with Myanmar to enhance bilateral cooperation in banking, insurance and power sector.

On Wednesday, Aung San Suu Kyi, State Counsellor of Myanmar met the Indian Prime Minister Narendra Modi, during which the two sides agreed to remove impediments to trade and commerce to fully exploit bilateral trade and investment potential.

Pitching Myanmar as an attractive investment destination, the visiting side also urged the Indian companies to explore the country’s petrochemical and petroleum sector, marketing infrastructure sector and the setting up of LPG terminals.

India also expressed support for Myanmar’s efforts in the economic and social development of the country, in particular the livelihood creation, capacity building, roads reconstruction, power provision, education facilities and health infrastructure to contribute in the progress and prosperity of Myanmar.

Welcoming her, Narendra Modi described India as her second home and assured that "India and its friendship will stand with you in full support and solidarity." "You are no stranger to the people of India. The sights, the sounds and vibrancy of Delhi are familiar to you. Welcome back, Excellency, to your second home!

Giving details of the bilateral talks, the prime minister said India and Myanmar have agreed to enhance engagement in several areas including agriculture, power, renewable energy and power sector.

"Let me assure you, Excellency, that as you lead Myanmar to become a modern, secure, economically prosperous and better connected nation, India and its friendship will stand with you in full support and solidarity. Your clear vision, mature leadership, struggle and eventual success in establishing democracy in Myanmar has inspired people across the world,” Modi said.

The Myanmar State Counsellor had participated in the BRICS-BIMSTEC Outreach Summit in Goa on October 16. Making a mention of it, Modi said, “We are also grateful for your participation at the BIMSTEC and the BRICS-BIMSTEC outreach Summit in Goa a couple of days ago.”

Calling their bilateral talks extensive and productive, the Prime Minister said India has a robust development cooperation programme with Myanmar. He said that India's $1.75 billion of development assistance earlier to Myanmar is being utilised according to the priorities of the Myanmarese government and its people.

"From the mega connectivity projects like Kaladan and Trilateral Highway, to projects in the fields of human resource development, healthcare, training and capacity building, we are sharing our resources and expertise with Myanmar," he said.

Modi also said India will develop a Varietal Development and Seed Production Centre in Yezin in Myanmar to enhance seeds quality.

"We will also work to develop a mutually beneficial arrangement for trade in pulses. We have offered to scale up the power supply from Moreh in Manipur to Tamu in Myanmar. We will also partner in a pilot LED electrification project at a site designated by the Government of Myanmar,” he said.

The two countries also agreed to enhance cooperation in the development of ocean-based Blue Economy and Maritime Cooperation in the Bay of Bengal.

The Dollar Business Bureau - Oct 20, 2016 12:00 IST