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Myanmar invites Indian investments

The Hindu Business Line:  July, 2010

New Delhi: Encouraging Indian companies to enter the industrial sectors in Myanmar, the visiting Chairman, State Peace and Development Council, Senior General Than Shwe, has assured that current investment proposals by private Indian companies would be actively facilitated.

A joint statement issued after talks with the Prime Minister, Dr Manmohan Singh, said that both Governments agreed to the construction and revamping of the Rhi-Tiddim road connectivity project at a cost of over $60 million.

The project will be financed through grant assistance from India.

The Indian side also extended a line of credit of $60 million to procure railway equipment.

India agreed to extend a grant of $10 million for procurement of agricultural machinery and a line of credit of $6 million to upgrade the microwave link between Moreh and Mandalay.

In the field of telecom, following the successful functioning of the official fibre link between India and Myanmar via Moreh, the two leaders agreed to upgrade the microwave link between Moreh to Mandalay under a line of credit of $6 million from India.

Further, a new optical fibre link between Monywa and Rhi-Zawkhathar will also be undertaken with Indian assistance.

The Myanmar side promised all necessary assistance for Indian companies interested in the mining sector while the Indian side agreed to explore opportunities in the solar and wind energy sectors in Myanmar.

The two countries also signed five pacts, including counter-terror cooperation, enhanced energy ties and collaboration in a string of developmental projects.

Among the pacts signed was a treaty on mutual legal assistance in criminal matters that will be crucial in enabling India access to insurgents from India's Northeast States who continue to shelter along the sprawling India-Myanmar border, a statement from the Ministry of External Affairs said.

The two sides also signed pacts in areas of small development projects, science and technology and information cooperation.

A memorandum of understanding on Indian assistance in restoring the Ananda temple in Bagan, a renowned Buddhist shrine and a major tourist site in central Myanmar, was also signed.