India, Myanmar sign four agreements

June 24th, 2008 - 9:47 pm ICT by IANS  

New Delhi, June 24 (IANS) India and Myanmar Tuesday signed four economic cooperation agreements, demonstrating the expanding partnership between the two countries. The agreements were signed in the presence of India’s Minister of State for Commerce and Power Jairam Ramesh and Myanmar’s Minister for National Planning and Economic Development U Soe Tha in Yangon, a commerce and industry ministry statement issued here said.

The two countries have entered into a Bilateral Investment Promotion Agreement (BIPA) to encourage flow of funds. The trade pact with Myanmar is India’s 71st BIPA agreement, designed to facilitate greater Indian investments in Myanmar and vice versa.

The Exim Bank of India and the Myanmar Trade Bank entered intro a credit line agreement for $20 million for the establishment of an aluminium conductor steel reinforced (ACSR) wire manufacturing facility to be used for expansion of the power distribution network in Myanmar.

United Bank of India and the Myanmar Economic Bank also signed an agreement for providing the banking arrangement for the implementation of the border trade agreement between the two governments.

India will also provide $64 million for financing three 230 kv transmission lines in Myanmar to be executed by the Power Grid Corporation of India.

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