'India has 'multi-pronged' approach to strengthen trade ties with Myanmar'

Yangon (Myanmar): India has a "multi-pronged" approach to strengthen its economic and commercial relations with Myanmar, President Ram Nath Kovind said Thursday, as he urged the two countries to learn and leverage from each other's competencies.

Kovind, who is in Myanmar to pursue India's high-level bilateral engagements under the rubric of the 'Act East' and the 'Neighbourhood First' policies, inaugurated the Fifth 'Enterprise India Show' here.

Myanmar Vice President U Myint Swe interacted with the leading Myanmarese businesses and over 50 Indian companies, from globally reputed majors to small and medium-sized enterprises engaged in cutting-edge manufacturing.

Kovind said Myanmar and India are close neighbours with an abiding friendship, according to a statement by the Ministry of External Affairs.

"Our trade and investment partnership, however, at present, is modest. But we both remain deeply committed to bring them up to steam. Opportunities before us are many and multiple to expand trade, forge joint ventures and invest in each other's growth and development," Kovind said.

As Myanmar is seeking to make an economic transition and India has established itself as the fastest growing major economy in the world, the two countries can do much to learn and leverage from each other's competencies, he said.

The event brought the best of Indian products, services, innovation and know-how to business partners, start-ups, incubators and customers in Myanmar, he said.

"We have a multi-pronged approach to strengthen our economic and commercial relations with Myanmar. Through our infrastructure projects, we are enhancing connectivity between our countries. And through understandings and agreements, we are facilitating land-border crossing for enhancing trade and tourism.

"We need to complement our on-going efforts, and urgently so, with a Motor Vehicles Agreement. This will open new possibilities for progress and prosperity for people living along the border, for Myanmar to source goods and services more efficiently and economically, and for us to exchange eco-friendly products made from bamboo, water hyacinth and other natural vegetation," the president said.