President of the Republic of the Union of Myanmar U Min Aung Hlaing, currently in India on an official visit, delivered a keynote speech at the Myanmar-India Trade and Investment Conclave at the Taj Mahal Hotel in New Delhi, India on 31 May. The Conclave was attended by the Union Ministers and members of the delegation, Indian Government officials, Myanmar Ambassador to India, India Ambassador to Myanmar, Patron of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, Chairman of the Myanmar-India Friendship Association and officials, Secretary-General Mr. Anant Swarup Ji, of the Federation of Indian Chambers of Commerce and Industry (FICCI) and Senior Advisor Dr Vikramjit Singh Sahney Ji to the Confederation of Indian Industry (CII) and invited business persons from Myanmar and India.
Speaking on the occasion, the President delivered a keynote speech. He said: as relations among the Government agencies, business leaders, and peoples of Myanmar and India continue to improve, mutual understanding and trust between the two nations are becoming increasingly strengthened. India is the fourth largest exporter for Myanmar, and sixth largest importer for Myanmar, with the annual value of bilateral trade averaging USD 1.5 billion, and Myanmar has a higher export volume. India has 39 investment projects in Myanmar and is the 11th largest investor in the country. The Kaladan Multi-Modal Transit Transport Project and the India-Myanmar-Thailand Trilateral Highway are key initiatives that will not only facilitate bilateral trade but also open up the ASEAN-India economic corridor. Therefore, there are significant investment opportunities in special economic zones (SEZs) and logistics hubs along these economic corridors. Under India’s Neighbourhood First and Act East policies, and the longstanding bilateral friendship and strategic partnership between the two countries, there is significant potential for Indian entrepreneurs to expand cooperation in Myanmar’s trade and investment sectors beyond current levels. The President also emphasized for closer collaboration to further strengthen economic cooperation and investment between the two nations, expressing confidence that today’s meeting would lead to stronger economic ties, tangible outcomes, and new opportunities for partnership.
Subsequently, Indian entrepreneurs discussed the desire of Indian business entrepreneurs to cooperate in pharmaceutical manufacturing and the support and encouragement from both governments, the need to provide necessary support to Indian IT companies in efforts to develop Myanmar’s Information Technology sector, ways of invitation to Indian Agricultural Companies, and the intention to further expand trade activities.
In his concluding speech, the President expressed his desire to further enhance cooperation in the trade sector. He noted that Myanmar requires significant development in the IT sector and welcomed Indian investment in this area. He also invited Indian entrepreneurs to invest in Myanmar with confidence and trust.
After the ceremony, the President had a luncheon together with businesspeople from both countries.
#Reference: PPIB