Trade between India and Myanmar has now touched US$2 billion a year, but this should go up to $5 billion in the next two-three years, said U Khin Maung Nyo, former presidential advisor and senior adviser to Myanmar Institute of Strategic & International Studies (MISIS).
He told the conference on ‘India-Myanmar Relations: The Way Forward” that Myanmar’s trade with China is nearly $10 billion a year.
“Eighty percent of Myanmar’s exports to India is beans and pulses. The trade basket needs to be diversified,” U Khin Maung Nyo said.
India was only the ninth largest source of foreign direct investment, accounting for only 1.36% of FDI in Myanmar.
“But I understand Indian investors are taking a fresh look at Myanmar. They should not just look at the size of the local market, but also take into account Myanmar’s potential to produce at competitive rates for a larger regional market. Both our countries have huge resources,” he said.
Sachin Chaturvedi, director-general of research & Information Systems, pitched for specific thrusts in capacity-building that India is helping Myanmar with.
He said India was committed to provide neighbours like Myanmar support for implementing Sustainable Development Goals (SDG), for which development of the border regions was so important.
If border regions are developed, trade will grow, he said.
Khin Maung Nyo Photo: Mizzima