Following the recent visit of Prime Minister Manmohan Singh to Yangon for the BIMSTEC Summit, the Indian engineering industry recently held a mega engineering summit to forge new level of trade and investment relations with Myanmar.
“Indee Myanmar attempts to build a holistic relationship with the Myanmar industry, particularly in the engineering sector,” Minister of State for Commerce & Industry E M S Natchiappan said.
“With emphasis by India on the ‘Look East’ policy, Myanmar is the gateway to the entire ASEAN region where India needs to strengthen trade and investment relations,” he said.
India and Myanmar can set up joint ventures in sectors such as rice mill, sugar mills, cotton ginning and enhance cooperation in the capital goods sector, he added.
Over 100 companies participated in the India Engineering Exhibition-INDEE fair, organised by the Engineering Export Promotion Council (EEPC) in Yangon.
Indian engineering firms showcased a range of products like industrial boilers, cables, IC engines, power distribution, agricultural machinery and equipments, besides instrumentation and general engineering products.
India-Myanmar trade is about $2 billion, as against India’s total global trade of over $800 billion. Exports to Myanmar are even lower than imports at about $500 million, EEPC India said.
Indian engineering exporters ship items like tractors, rice milling machines, pulse polishing equipment, oil mills, auto power transmission and electrical switch-gears to Myanmar.