India’s trade with Myanmar, which is currently much below expectations, is expected to grow in the coming years with the the country adopting major reforms, including open market policy, changing laws for encouraging foreign investments and good governance.
“We are hopeful that these reforms would make it easier for India and Myanmar to reach the $ 3 bn bilateral trade target by 2015,” Myanmar’s information minister U Ye Htut told FE.
Inviting Indian investments, which are currently dismal compared with the interests expressed by various business people, Htut pointed out, “Indians are not investing as much as we expected. We understand India’s limitations in implementing decisions as it’s a democratic set up, for India, Myanmar could be used as a corridor for inland trade, or use sea route.”
The minister stressed on the importance of cross-border connectivity, trade and people-to-people contact. Lack of adequate infrastructural facilities at Moreh and Zokhawatar — the two designated points for normal trade and border trade respectively, and a restrictive trading list have adversely affected normal trade at Moreh and given rise to informal trade.