Export-Import Bank of India (EXIM) formally launched a representative office, its eighth overseas regional office, in Yangon, Myanmar on Monday to enhance bilateral trade and investment between the two countries and contribute to the developmental endeavors of Myanmar.
During the inauguration ceremony, Gautam Mukhopadhaya, Indian Ambassador to Myanmar urged the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank.
Exim Bank's Chairman and Managing Director, T.C.A. Ranganathan highlighted that bilateral trade ties between India and Myanmar have witnessed significant rise in recent years, with India accounting for 15 percent of Myanmar's global exports in 2012, and ranking as its second largest export market.
A seminar on trade and investment opportunities between India and Myanmar was also organized to mark the occasion, which was attended by Myanmar's senior government officials, diplomats, multilateral agencies, banks, and corporates and the Indian diasporas.
In May 2012, during a visit by Indian prime minister to Myanmar, a Memorandum of Understanding (MoU) for Lines of Credit (LOCs) aggregating to 500 million U.S.dollars was signed between Exim Bank and Myanmar Foreign Trade Bank.
The MoU covered 16 ongoing irrigation schemes, two irrigation projects, project for procurement of rolling stock, equipment and upgrade of three major railway workshops in Myanmar.
According to official statistics,bilateral trade between Myanmar and India stood at 322.77 million dollars as of March in 2013.
Of the total, Myanmar's export to India reached 249.63 million dollars while its import from India stood at 73.14 million dollars.
Exim bank is a wholly government-owned financial institution, set up for the purpose of financing, facilitating and promoting India's foreign trade.The Bank started operations in 1982.