Indian Industrial expo to be launched in Myanmar’s second largest city
YANGON, Feb. 19 (Xinhua) — The first-ever Indian Industrial expo will be launched at the city hall of Mandalay, the second largest city of Myanmar, this month in order to promote bilateral trade and investment between the two countries, exhibition sources said Thursday.
Jointly organized by Indian Chambers of Commerce and Industry and Mandalay-based Indian Consulate General, the expo is scheduled to take place from Feb. 27 to March 1.
More than 70 industrial companies from northeast India and Kolkata will display small and medium-scale industrial equipment, agricultural machinery, construction materials, electronic equipment and foodstuff production machines at the expo.
Meanwhile, a similar expo was held in Yangon last year.
India allows 96 percent of tax exemption over Myanmar products.
Both sides targeted 3 billion U.S. dollars of bilateral trade volume within 2015.
According to official figures, India’s investment in Myanmar amounted to 508.426 million U.S. dollars as of the end of December 2014, standing the 11th in Myanmar’s foreign investors line-up since late 1988 when the country opened to such investment.