Manmohan Singh’s visit to Myanmar, the first by an Indian Prime Minister in 25 years, turned out to be a significant one as both the nations discussed and agreed upon a host of agreements including one on oil exploration. The two south Asian neighbors have mutually agreed to target doubling of bilateral trade by 2015 and also both governments would work to identify and remove various impediments to bilateral trade.
Underscoring the fact that there is considerable untapped potential for greater trade, both Indian Prime Minister Manmohan Singh and Myanmar President Thein Sein urged the business communities to capitalize on this potential. The two leaders also highlighted the importance of the newly created Trade and Investment Forum in enabling timely and accurate exchange of information and ideas.
Myanmar, a reclusive south-east Asian country that has begun to open up, specifically encouraged investments by Indian companies in areas like ports, highways, oil & gas, plantation, manufacturing, hospitality and ICT. India and Myanmar signed agreements on production sharing contract for exploration and production of Petroleum and leasing of a paper and pulp mill.
In view of the vast potential for promoting trade between the two countries, both sides agreed that the Reserve Bank of India (RBI) would sign a MoU with the Central Bank of Myanmar (CBM) on currency arrangements between India and Myanmar in the near future. Further, the RBI would also conclude a MoU with the CBM to serve as a platform for an exchange of views on issues of mutual interest. The two sides agreed upon sharing of banking experiences and technical know-how from State Bank of India or any other bank as mutually agreed.
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