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Burmese minister invites Indian industrialists to invest in Burma

26th June 1999, New Delhi
MIZZIMA News Group

By Our Staff Reporter

Burma's Science and Technology Minister U Thaung, who is currently on a
visit to India, had invited industrialists from India to do business and
invest in his country where, he said, there are tremendous investment
opportunities for foreign companies. U Thaung was speaking at a luncheon
meeting hosted by Confederation of Indian Industry (CII) in New Delhi on
Friday. Citing Burma as a good IT base, U Thaung hopes to have more
cooperation between the two countries not only in economic sector but
also in industry and technology.

He also offered Indian companies to come to Burma in agricultural sector
as Burmese government has now allowed up to 100, 000 acres of land to
the private companies to grow whatever they like. "If a private company
grows whatever it suits up to 5,000 acres, half of the products can be
exported", said U Thaung in his address to the invited Indian
industrialists at the meeting.

Myanmar Industry Development Committee, for which U Thaung is the
chairman, has developed 18 industrial zones in Burma. Speaking at the
meeting, U Tin Latt, Burmese ambassador to India, said that friendship
and cooperation between India and Burma has remained warm and cordial.

Ms. L.K. Ponappa, Joint Secretary from the Ministry of External Affairs
of India, said that "the two countries have been working on to have the
relationship developed and there is a firm conviction on both sides at
the highest level to have full relationship in future".

Burma's delegation led by Science and Technology Minister U Thaung will
be travelling from Delhi to Bangalore and Mumbai to meet Indian
industrialists during its tour in India. On June 24, U Thaung and Indian
Human Resources Development Minister Dr. Murli Manohar Joshi signed an
agreement for cooperation in science and technology between the two
countries.

Since 1994, high officials of the two countries have been exchanged to
promote trade and relationship. India's foreign secretary Mr. K.
Ragunath visited Burma in February this year and also Burma's
Agriculture and Irrigation Minister Maj. General Nyunt Tin visited India
in August last year. In February this year, a 10-member delegation of
Myanmar (Burma) Computer Federation visited Delhi and Bangalore with the
arrangement of Confederation of Indian Industry.


India offered a US $ 10 million line of credit to Burma in November 1997
to promote bilateral trade and economic cooperation. India has now
become Burma's largest export market accounting for 23 per cent of its
total export. According to the CII, India's export to Burma in 1997-98
was over US $ 17 million and India's import from Burma was US $ 109
million in the same period.


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