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India, Myanmar takes up SME sector for enhanced cooperation

Tags: india, myanmar, sme, economic cooperation, anand Sharma, u thein sein, development

June 11, 2013 | COMMENTS ( 0 )

India, Myanmar takes up SME sector for enhanced cooperation

During the recently concluded visit of Commerce and industry minister Anand Sharma to Myanmar, the two sides discussed on the development of various sectors including SMEs for enhanced economic cooperation.

“Substantive decisions were taken on several issues and both the sides deliberated on various sectors including SME, agriculture and telecommunication to enhance cooperation,” an official release said.

According to the release, India has offered $150 million of credit for project exports to set up a SEZ at Sittwe in Myanmar and has expressed hope that the neighbouring country would permit Indian banks to set up branches there. For the SEZ project, Myanmar government will provide suitable land for the purpose.

The issues came up for discussion during Sharma’s meeting with Myanmar President U Thein Sein on his the three-day visit to Nay Pyi Taw and Yangon.

“Sharma called for greater cooperation in banking sector and appreciated the Myanmar government's approval to allow Indian banks like United Bank of India to set up a representative office in the neighbouring country. He expressed hope that the two public sector banks viz., Bank of India and State Bank of India, who have also expressed interest, would also be permitted to operate in Myanmar,” the release said.

Both the countries also discussed revival of the discussions on the gas pipeline connection between India and Myanmar through Bangladesh.

During his meeting with Myanmar President U Thein Sein, Sharma offered $5 million line of credit for revival of 300 apparel factories, the release said.

The South India Textile Research Association (SITRA) will provide technical assistance to revive those factories, it said, adding a delegation comprising the experts, officials and businessmen will visit Myanmar within two weeks.

Sharma proposed to Myanmar President Thein Sein for a Common Compliance Code for textiles sector to enhance compliance standards in Myanmar for exports to developed countries.

For capacity building in Myanmar textiles sector, India has offered two scholarships under National Institute of Design and 250 scholarships for textile workers under Integrated Skill Development Scheme.

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