National Commodity and Derivatives Exchange (NCDEX), India’s largest agri centric commodity futures trading platform, might ink a pact with Myanmar International Commodity Exchange (MICEX). Under the tie up, NCDEX will provide technical assistance MICEX
“India has successfully developed a transparent commodity market over the last 10 years with state of the art trading mechanism. We approached NCDEX seeking technical assistance from them so that our exchange can also be established and trading activities commenced effectively,” said Sein Win Hlaing, honorary chairman, MICEX.
The recently launched MICEX is pioneered by one of India’s largest commodities trading firm Pearl Group. MICEX has been looking for extensive participation from Indian firms to exploit hidden opportunities in Myanmar.
Confirming the development, Samir Shah, managing director of NCDEX, said: “They have approached us. We will think and decide in the due course.”
Meanwhile, MICEX signed a memorandum of understanding (MoU) with LTC Commercial company Pvt Ltd, a Jaipur-based warehousing and collateral management service provider which has 10 million tonnes of warehousing space under it.
LTC is one of the pioneer warehousing company in india and accrediated Warehouse Service Provider of NCDEX with around Rs 2,000 crore worth of agri commodities stored under it.
”We will develop warehousing market in Myanmar initially on rental basis. Our future plan is to deliver best quality commodities on Myanmar future exchange,” said Rajesh Saraswat, Managing Director of LTC.