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Exim Bank to open office in Myanmar next month

EXIM BANK TO OPEN OFFICE IN MYANMAR NEXT MONTH
Date: 26/08/2013
Source: The Economic Times
Exim Bank to open office in Myanmar next month

AHMEDABAD: The Export-Import Bank of India (Exim Bank) will open its eighth overseas office at Yangon in neighbouring Myanmar next month, a top official said here.

The bank already has presence in Singapore, Washington DC, London, Dubai, Addis Ababa, Johannesburg and Senegal.

"Myanmar offers lot of business opportunities to India. Already, we have different projects lined up in the country and to tap the country's potential in various sectors, we will open an office in Yangon next month," Executive Director David Rasquinha said here.

India signed a credit line of USD 500 million and also an air service agreement when Prime Minister Manmohan Singh visited the country in May 2012.

Apart from this credit, to be utilised in irrigation and railway sectors, another USD 250 mn have been sanctioned for various projects in Myanmar, Rasquinha said.

African countries too offer a lot of opportunities for business, he said, adding, there are a lot of projects in the continent where Exim Bank has partnered.

When asked if the Indian business houses are moving to other countries because of bureaucratic hurdles here, he said businesses are expanding their footprint to offset local losses caused by various factors.

On the declining rupee, Rasquinha said in the long run India will come out more competitive despite the current worries.

"We have a tendency to get worried soon. The decline of rupee is not a singular trend. Brazilian currency has dipped the highest. However, I've a feeling we'll come out more competitive and positive from the current stage," he said, adding that it was important to consider the falling of rupee as an opportunity.

The Exim Bank's project export contracts, involving 90 Indian companies, in 68 countries across Asia, Africa and Commonwealth of Independent States were valued at Rs 116 crore as of March 2013.


Topic: Investments
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