Yangon, Dec 13 (UNI) India will increase its economic engagement with Myanmar, President Ram Nath Kovind said on Thursday and invited businesses from the neighbouring country to look for avenues of cooperation with their Indian counterparts.
President Kovind, inaugurating the Fifth Enterprise India Show focused on SMEs in presence of over 70 entrepreneurs from both the countries, said Myanmar has a unique place in India's “Neighbourhood First” and “Act East” policies and New Delhi "will continue to work together to increase our economic engagement with Myanmar."
India is the largest consumer of Myanmar’s beans and pulses and this sector has faced some difficulties lately. "I assure you that we have in mind the interests of farmers on both sides and are working with the government of Myanmar to find a solution," said the president.
The India, Myanmar and Thailand Motor Vehicles Agreement will open possibilities for people living along the border, for Myanmar to source goods and services more efficiently, and for us to exchange eco-friendly products made from bamboo, water hyacinth and other natural vegetation, he said.
The 1,360 km long trilateral highway will connect Moreh, India, with Mae Sot, Thailand, via Myanmar and is expected to boost trade and commerce in the ASEAN-India Free Trade Area.
India and Myanmar, said the president, can do much to learn and leverage from each other’s competencies.
"We have undertaken to transform our economy through ambitious infrastructure projects, smart-city programmes, high-speed train corridors, green-field airports, port-led industrial development and digital connectivity i-ways. Our Make in India, Digital India, Skill India and Start-up India flagship programmes are creating new business values. These signature projects present many opportunities for Myanmar.
"Myanmar companies, if they decide to 'look west', are sure to find many avenues for cooperation with their Indian counterparts," Kovind said.
Similarly, if Indian businesses study the immense possibilities and prospects in the Myanmar market, they will succeed in bringing up new projects and proposals, especially in renewable energy, power, light engineering, agro-products and machinery, IT, pharmaceuticals, health-care and education sectors.
"Happy that the Enterprise India Show has brought the best of Indian products, services, innovation and know-how to business partners, start-ups, incubators & customers in Myanmar."
Kovind also offered to share India's experience in the MUDRA programme aimed at helping small businesses. "We would be happy to share our experience in this regard with Myanmar." "
Kovind appreciated the Myanmar leadership's commitment to their business-friendly policies, particularly the creation of a separate Ministry of Investment and Foreign Economic Relations.
"I hope it will be able to increase the attractiveness of Myanmar as an investment destination."
Earlier in the Myamarese capital Nay Pyi Taw, President Kovind addressed the Indian diaspora and said that India today is full of opportunities for business, social enterprise and cultural links.
"I invite each one of you to join us in this journey, and to make this partnership more meaningful."
UNI SRJ