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Indo- Myanmar investment pact soon

Talks are ongoing between the two neighbours to sign Bilateral Investment Promotion and Protection Agreement to encourage flow of funds between them.

business Updated: Jun 22, 2008 15:26 IST

Economic relations between India and Myanmar are set to get a fillip with the two countries expected to sign an investment protection agreement and decide on converting border commerce into normal trade.

India would also extend two lines of credit worth $84 million to Myanmar during the four-day visit of Minister of State for Commerce and Power Jairam Ramesh who left for Yangon on Sunday.

Ramesh would also hand over a cheque of two lakh dollars to the Myanmarese authorities for renovation of a famous Buddhist monastery Shwedagon Pagoda, which was badly damaged during the recent cyclone 'Nargis'.

He is also expected to announce India's decision to give assistance of$ two million for 16 power transformers that were damaged in the cyclone.

The minister would hold wide-ranging talks with Myanmar's Ministers for Planning, Commerce and Electric Power to discuss ways in which the cooperation between the two countries can be enhanced.

After the talks, the two sides would sign Bilateral Investment Promotion and Protection Agreement (BIPPA), which is aimed at encouraging flow of funds between the two countries.

The ambitious Kaladan multi-modal transport project, which was signed by the two countries in April, is also expected to get a fillip during the visit of Ramesh who would visit Sittwe, the old Akyab port off the Arakan coast on the Bay of Bengal.