For the small and medium-scale engineering companies here looking for new overseas markets, Myanmar offers opportunities for investment and trade.
U. Kyaw Swe Tint, Consul General of the Republic of the Union of Myanmar, invited the companies here to invest in Myanmar. He was here to participate in a meeting organised by EEPC India (formerly known as Engineering Export Promotion Council).
India has technology and skills. “Some Indian companies have operations in Myanmar. We also invite small and medium-scale enterprises to invest in sectors such as infrastructure, mining and industries,” he told The Hindu .
Labour availability is not a problem in Myanmar though it needs to see more development in the power sector, he said. Singapore, China and Japan are some of the largest overseas investors in Myanmar now.
Myanmar imports from India construction materials, machinery, spare parts, raw plastic, iron and steel, electrical equipment, chemical products and fertilisers. It exports black marble and forest produce such as hardwood logs and teak logs.
In 2011-2012, Myanmar’s exports to India were to the tune of $ 1,046 million and India exported goods worth $ 324.5 million.
Six Indian companies have invested in the country. There are more than 70 Indian companies and 65 Myanmar companies that are actively engaged in various trade and investment activities. The country has 18 industries zones. The EEPC India proposes to send a delegation to Myanmar and take part in the MMT Yangon 2013 exhibition next month, he said.
Bilateral trade between the two countries was increasing steadily and it was proposed to double the bilateral trade in 2015. Trade was mainly through the sea route now and promotion of border trade required focus, he said.
According to M. Ganesan, Regional Director of EEPC India, a 21-member delegation will visit Myanmar next month and India will have a pavilion at the exhibition.