New Delhi, April 3 (IANS) India and Myanmar Thursday signed an agreement to revive the business ties between both the countries by facilitating greater investment flows and expertise. The agreement was signed here by the Federation of Indian Chambers of Commerce and Industry (Ficci) and Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

India has already announced an investment of Rs.5.4 billion ($135.4 million) to develop a project that would open a new route to the northeastern region and connect the region to Asian and southeast Asian nations through Myanmar.

The project is expected to be completed in five years and would take into account building roads and waterways in Mizoram and Myanmar that would connect Kaletwa in Myanmar.

Indian Minister of State for Commerce Jairam Ramesh urged industrialists and businessmen of both countries to explore opportunities and take maximum advantage of a growing business environment.

Myanmar’s Minister of National Planning and Economic Development U. Soe Tha urged businessmen of the two countries to expand their areas of cooperation in trade and investment and forge joint ventures for exports to their countries and third countries.