India-Myanmar trade likely to double by 2015: CII
The bilateral trade between India and Myanmar is expected to double by 2015, from the current level of $1.3 billion, on the back of free trade agreement between New Delhi and Asean region, industry body CII said.business Updated: May 27, 2012 10:53 IST
The bilateral trade between India and Myanmar is expected to double by 2015, from the current level of $1.3 billion, on the back of free trade agreement between New Delhi and Asean region, industry body CII said.
Myanmar is a key member of the 10-nation bloc Association of South East Asian Nations (Asean).
"Bilateral trade relations between the two countries are growing. Through the India-Asean free trade agreement, both countries are hoping to double trade by 2015," CII said in a statement.
In a bid to further strengthen the political and economic ties between India and Myanmar, Prime Minister Manmohan Singh is visiting the neighbouring country this week.
A business delegation is also visiting at the occasion.
Bharti Enterprises Group CEO & Chairman Sunil Mittal will be leading the CII team to Myanmar.
The delegation also include Hari S Bhartia, B Muthuraman, Sanjay Kirloskar, Atul Punj, it said, adding they would hold meetings with industry members in Myanmar and key Ministers and discuss on sectors of interest between the countries, it added.
"Myanmar occupies a critical geo-strategic position in the world. It is a meeting point of South Asia, East Asia and South-East Asia. India sees it as a gateway to Asean," it said.
CII said that joint ventures or wholly owned subsidiaries in Myanmar would open up the route for enhancing bilateral trade.
"There is scope in energy, oil and gas exploration, infrastructure, manufacturing, agriculture, telecom, banking, tourism, healthcare and professional services," it said.
The Kaladan Multimodal Transit Transport Project envisages a direct trade corridor between a port in Myanmar and Indian ports on the eastern coast which will then pass through riverine transport and lastly by road to Mizoram.
"It is expected to be finished by 2013 and there is hope that this would transform the trade between India’s north-eastern states and the rest of the world," the statement said.
Further, there is also a possibility of a bus route link between Imphal and Mandalay.