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India, Myanmar ink four pacts

India and Myanmar sign four agreements at Naypyidaw, including regular banking arrangement for border trade.

delhi Updated: Jun 24, 2008 16:39 IST

India will finance power transmission lines in Myanmar, with which it has also signed an investment protection agreement to boost economic ties.

India and Myanmar signed four agreements on Tuesday at Naypyidaw, including regular banking arrangement for border trade.

The two countries have entered into a Bilateral Investment Promotion Agreement (BIPA) to encourage flow of funds. The trade pact with Myanmar is India's 71st BIPA agreement.

It provides a framework for resolution of disputes, promotion and protection of investment, extending national and Most Favoured Nation treatment, repatriation of investment and returns and entry and sojourn of technical and managerial personnel, an official statement said here.

The agreements were signed in Myanmar in the presence of Minister of State for Commerce and Power Jairam Ramesh and Myanmar Minister for National Planning and Economic Development U Soe Tha.

Under another agreement, the Exim Bank of India would extend a credit line of 64 million dollars to the Myanmar Foreign Trade Bank for three 230 kv transmission lines. The project would be executed by Power Grid Corporation of India.

Exim Bank would also extend a credit line of 20 million dollars for financing establishment of an aluminium conductor steel reinforced (ACSR) wire manufacturing facility, which would be used for expansion of the power distribution network in Myanmar.