Mizzima: Indian industry for increa

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Indian industry for increased economic ties with Burma

New Delhi, November 11, 2000
Mizzima News Group

The industry in India is keen to increase trade ties with Burma and it
has welcomed the recent moves of the government of India to speed up the
economic cooperation between the two countries.

?We are really looking forward to a very close integration with Myanmar
(Burma),? said Mr. T.K Bhaumik, Senior Advisor (Policy) of the
Confederation of Indian Industry (CII).

Reacting to the news of Indian foreign minister Jaswant Singh to
inaugurate the Tamu-Kalaymyo road in Burma, Mr. Bhaumik said that Indian
industry welcome any such move to promote economic relations with Burma.
?What is the interest of Indian industry? It is to trade and invest in
Myanmar. So, if there is more security, stability and guarantee, we
really welcome it,? said Mr. T. K Bhaumik.

For the Indian industry, Burma is important not only for bilateral
economic relationship, but also for greater integration of the regional
cooperation in South and South East Asia. ?We look at Myanmar even more
than bilaterally as Myanmar is a strategic partner for India?s
integration into South East Asia,? said Mr. T. K. Bhaumik.

?I think that economic relationship between the two countries is looking
up in a sense that both the countries, particularly India is beginning
to realize the great potential that exists in the form of regional
cooperation?, he continued.

In May 1997, Bangladesh, India, Myanmar, Sri Lanka and Thailand came
together to form BIMSTEC to promote economic cooperation among the Bay
of Bengal Rim countries.

India on Friday announced that it would extend a 15 million U.S dollars
line of credit to Burma for purchase of its goods. In 1997 too, India
offered a US $ 10 million line of credit to the military-run-country.

Jaswant Singh will inaugurate the Tamu-Kalemyo-Kalewa road in Sagaing
Division of Burma on November 17. Construction of this over hundred-km
long road started in 1997 by India?s Border Roads Task Force (BRTF) with
the financial assistance of India.

General Maung Aye, Vice Chairman of the ruling State Peace and
Development Council (SPDC) in Burma is expected to visit India in
mid-November.