India offered 150 Million Dollars Credit to Myanmar

Jun 10, 2013 14:21 IST

India  on 8 June 2013 offered 150 million Dollars credit to Myanmar for establishing a Special Economic Zone at Sittwe in Myanmar's Buyer's Credit Scheme under National Export Insurance Account. The offer was made at a meeting the Commerce and Industry Minister, Anand Sharma had with the Myanmar President U Thein Sein recently in Nay Pyi Taw. Cooperation in Energy sector also came up for discussion during the meeting.

India appreciated the Myanmar Government’s decision to allow United Bank of India to set up a representative office in Myanmar. Bank of India and State Bank of India would also be permitted to operate in that Country. India has made significant progress in improving road connectivity with Myanmar which will create new opportunities for India's north eastern region.

India also offered to help in revival of 300 apparel factories in Myanmar. It also offered 5 million Us dollars Line of Credit for revival of these factories. The South India Textile Research Association (SITRA) will provide technical assistance in formulation of revival plans for these factories.

India will be setting up India-Myanmar Apparel Sector JVs in Thilawa SEZ in collaboration with other international brands. India will also set up a textiles trade show - Textiles Expo in Yangon for traditional textiles with Handloom Export Promotion Council (HEPC) as lead council. 

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Read more Current Affairs on: India , Myanmar , credit to Myanmar

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