Myanmar-India bilateral trade to hit US$10 billion by 2020


Indian Minister for Commerce and Industry Ms Nirmala Sitharaman (R) at the signing ceremony of minutes of the 5th India-Myanmar JTC meeting with U Win Myint, Minister of Commerce in Nay Pyi Taw on February 17, 2015. Photo: CIM India@GOI/Twitter

Indian Minister for Commerce and Industry Ms Nirmala Sitharaman (R) at the signing ceremony of minutes of the 5th India-Myanmar JTC meeting with U Win Myint, Minister of Commerce in Nay Pyi Taw on February 17, 2015. Photo: CIM [email protected]/Twitter

The Union of Myanmar Federation of Chambers of Commerce and Industry says it expects the volume of bilateral trade between Myanmar and India will reach US$10 billion [K10,000 billion] by 2020, reports Xinhua on February 19.

The estimate was made after the 5th meeting of the India-Myanmar Joint Trade committee in Nay Pyi Taw. 
Representatives from the Myanmar and India governments focused on trade promotion, cooperation between the two business communities and investment potential in various sector including renewable energy, health services and infrastructure development, sources said.

Meanwhile, both sides are hoping for US$ 3 billion in bilateral trade in 2015, seeking possibilities to enhance trade and investment between the two countries.

According to official figures, India's investment in Myanmar amounted to US$508 million at the end of December 2014, standing 11th in Myanmar's foreign investor line-up.

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