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India, Burma Boost Energy and Trade Ties
2013-08-09

India signed 12 crucial agreements to boost energy and trade links with neighboring Burma on Monday.

Following a successful bilateral meeting presided over by Indian Prime Minister Manmohan Singh and Myanmar President Thein Sein, officials of both countries signed the agreements in the national capital Nay Pyi Taw.

The two Asian countries signed a Memorandum of Understanding (MOU) for India- Myanmar border area development, including a $500 million credit line between Export Import Bank of India and Myanmar Foreign Trade Bank.

An air services agreement was signed as well.

India also signed MOUs for development of Burma Institute of Information Technology and an advanced center for agricultural research, Yezin Agricultural University.

Other MOUs inked were for the establishment of a rice (paddy) bio park, organizing border haats (rural market) and joint trade and investment forum.

India is Burma's third-biggest export market after Thailand and China.


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COUNTRY SNAPSHOT
GDP 2010 USD 45.4 B
GDP 2012 USD 54.0 B
Inflation 9.13 %
Unemployment Approx. 35%
GDP growth 2011 5.5 %
FDI 2011 USD 1.05 B
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