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Myanmar eyes cooperation with India in infra, agri sectors

Press Trust of India  |  New Delhi 

Myanmar will come up with new investment guidelines to make business environment transparent for foreign companies, its top leader Aung Sung Suu Kyi today said and also evinced interest to cooperate with in sectors such as infra, agriculture and skill development.

"Opportunities for cooperation must be mutually beneficial and must be a fair deal for both countries," industry body quoted the Myanmerese leader as saying at an event here.

According to the statement, Suu Kyi, who is State Counsellor and Union Minister for Foreign Affairs, Republic of the Union of Myanmar, further said Myanmar was in the process of notifying a new investment which would accord the same treatment to foreign firms as was being given to domestic companies.

"With the enactment of the new law, Suu Kyi hoped there would be transparency in contracts and the rule of would be enforced and corruption would be curbed. Issues such as repatriation of profit and also of capital have also been addressed in the new law," the statement said.

She said the Indian industry could cooperate with Myanmar in areas such as skill development, agriculture especially organic agriculture, agri-machinery and infrastructure development among others.

On this occasion, Secretary (ER) in Ministry of External Affairs Amar Sinha said that economic relations between the two countries needed focused attention.

Sinha noted that bilateral trade was well below par and measures needed to be taken to boost trade.

He further highlighted certain issues between the two countries which needed to be resolved including the need to modernise banking and finance channels in Myanmar, equal treatment in terms of tariffs and duties, tariff rationalisation in the automobile sector and clarity on Myanmar's energy policies.

The Secretary stated that on its part, was working on completing the various connectivity projects that were underway which would link India's Northeast with Myanmar.

Suu Kyi is on her first visit to after her National League for Democracy wrested power from the military junta in a landmark election earlier this year.

Suu Kyi, who could not become Myanmar's President due to a constitutional provision but has full control over the government, holds the position of State Councillor and Foreign Minister.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 19:42 IST