India, Myanmar chambers of commerce sign MoU

May 3, 2017

Myanmar’s large, inexpensive labour force and proximity were cited as major reasons for increased investment by manufacturing entrepreneurs from India.

Mr Rafeeque Ahmed, Chairman of the Southern India Chamber of Commerce and Industry (SICCI), said yesterday that entrepreneurs in India are preparing to set up factories for producing bean-based foodstuff of high value.

“Myanmar is a country with potential prospects for economic development. Businessmen in India are preparing to produce bean-based foodstuff in the country for sale in the local market and simultaneously for export to India,” Mr. Ahmed said at the ceremony of the signing of an MoU between SICCI & UMFCCI and Business Matching held at the Office of UMFCCI on Wednesday. In addition to factories producing bean-based foodstuff, it has been learnt that other entrepreneurs are also interested in investing in Myanmar to produce leather goods such as shoes and purses. “Myanmar is a specially favoured country of the WTO (World Trade Organisation)”, said Mr Habib Hussain, Director of the AV Thomas Group which manufactures and exports leather goods to the U.S., Japan and EU countries. “Besides labour charges in Myanmar are very cheap compared to those from other countries. These are attracting many countries to invest.” It has also been learnt that the manufacture of drugs, agricultural tools and equipment, and bilateral cooperation in the sector of services on technology have made potential progress.

Under the MoU signed between SICCI & UMFCCI, matters on promotion of investments and trade between two countries and meeting of entrepreneurs from two countries, holding emporiums, interexchange on facts of economy and markets were agreed upon. India is fourth on the list of countries with the most investment in Myanmar. The amount of India’s investment was aboutUS$2 billion in the 2015-2016 financial year, it was learnt.

Ko Moe

Ref; The Global New Light of Myanmar