New Delhi, June 1 (UNI) Myanmar's President U Min Aung Hlaing has called for enhanced bilateral trade and investment between two countries.
He invited Indian businesses to invest in Myanmar's growing sectors such as agro-processing, pharmaceuticals, renewable energy and digital economy.
He was chairing high-level India-Myanmar Trade & Investment Discussions here.
Dr. Vikramjit Singh Sahney, Co-chair of International Council at Confederation of Indian Industries (CII) advocated for a direct Rupee-Kyat trade settlement mechanism to bridge the current gap in bilateral Commerce.
"India and Myanmar must trade in rupee to reduce unnecessary transaction costs and eliminate delays caused by routing payments through third countries like Singapore," he said.
Sahney noted that direct currency settlement could help scale bilateral trade from the current level of approximately USD 2 billion to USD 5 billion within the coming years.
"India is keen to increase imports of pulses from Myanmar including pigeon peas and black gram, while Myanmar possesses significant reserves of critical minerals like dysprosium and terbium essential for electrical vehicles, wind turbines and advanced electronics."
He also commented India's Act East Policy and underscored the transformative potential of regional connectivity projects like India-Myanmar-Thailand Trilateral Highway and Kaladan Multi-Modal Transit Transport Project in enhancing trade flows and regional integration.
UNI SAS IM