CII, Myanmar Chambers hail Kaladan project, sign MoU to promote trade ties

ANI

April 4 2008 - NEW DELHI: The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI ) and the Confederation of Indian Industry ( CII), the two apex industry organizations of Myanmar and India, welcomed the agreement to open the crucial Kaladan Multi-Modal Transit Transport Facility, as they signed a Memorandum of Understanding in New Delhi to promote cooperation in specific areas between the private sector between the two countries.

U Win Myint , President, Union of Myanmar Federation of Chambers of Commerce & Industry (UMFCCI ) and Lt gen (Retd) S S Mehta, Director General CII, signed the MoU that aims at enhancing bilateral trade between the two neighbours. The two Chambers also agree to organize one major event in the year 2008 -09 by way of a Made in India Trade fair in Myanmar.

As a follow up of the earlier and existing MoUs between the two chambers, “UMFCCI & CII now wish to focus on enhancing cooperation and interaction in the areas of IT, Pharmaceuticals, Fertilizers, SME industry, Oil and Gas Explorations, Agri and Food Processing and Transport,” the MoU said.

Appreciating India’s economic growth, U Win Myint looked forward to working with Indian industry in various fields and said that the strategic position of Myanmar can serve as a trade hub between its South Asian neighbours and the ASEAN region. He invited Indian businessmen and the CII to visit Myanmar and explore opportunities for cooperation.

India has had long abiding relations with Myanmar and the CII looks forward to strengthening these ties especially in the area of trade and commerce, said Lt Gen (Retd) S S Mehta. India and Myanmar had great potential to enhance trade and cooperation, he said and added that the Kaladan initiative will provide very good linkage with Myanmar.

During discussions while signing the MoU, the two sides agreed to exchange industry delegations and task forces in the near future to augment cooperation between India and Myanmar private sector.

The UMFCCI and the CII had signed a MoU in May 2001 in New Delhi to examine cooperation between the two countries. In their meeting in February 2004 in Yangon, the two chambers had agreed on setting up a Joint Task Force to promote trade between the two countries and identify key thrust areas of cooperation to further the cooperation between the two countries and the two organizations.

An India – Myanmar Joint Task Force Report was brought out with suggestions and recommendations for enhancing bilateral trade and investment, cooperation in services, technology transfers and other areas of cooperation, the MoU said.