Aiming to forge business ties with Myanmar and tap opportunities in the mineral-rich nation’s market, engineering exporters body EEPC India today kicked off the ‘Indee’ exhibition in Yangon. “Indee Myanmar attempts to build a holistic relationship with the Myanmar industry, particularly in the engineering sector,” Minister of State for Commerce & Industry E M S Natchiappan said in an official statement.
“With emphasis by India on the Look East policy, Myanmar is the gateway to the entire ASEAN region where India needs to strengthen trade and investment relations,” he said. India and Myanmar can set up joint ventures in sectors such as rice mill, sugar mills, cotton ginning and enhance cooperation in the capital goods sector, he said.
Over 100 companies are participating in the fair being held between March 13-15. It being held days after Prime Minister Manmohan Singh’s visit to Myanmar for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit.
Indian engineering firms are showcasing a range of products like industrial boilers, cables, IC engines, power distribution, agricultural machinery and equipments, besides instrumentation and general engineering products.
India-Myanmar trade is just about USD 2 billion, as against India’s total global trade of over USD 800 billion. Exports to Myanmar are even lower than imports at about USD 500 million, EEPC India said.
Indian engineering exporters ship items like tractors, rice milling machines, dal polishing equipment, oil mills, auto power transmission and electrical switch-gears to Myanmar.
source: Business Standard