• Home
  • About Us
    • Our Founder
    • Our Story
    • Myanmar Investment Seminar
    • Singapore Business Federation’s Networking Session in Yangon
    • Our Clients
  • Legal Update
    • Import office equipment and service related equipment
    • Setup 65%/35% JV Company
    • Private School Education Law
    • Approved Foreign Investment
    • Foreign banks
    • Corporate Tax
    • Personal Income Tax
    • Franchising
    • Trademark
    • Arbitration Law
    • Registration of Association or NGO
    • Restrictions on trading activities
      • Wholesale, Trading and Retail Sectors
    • Prioritized Investment Activities
    • Promoted Sectors under MIL
    • Development Zone for Tax Exemption under MIL
    • Restricted Investment Activities under MIL
  • Useful Info
    • Myanmar COVID19 Travel Restrictions
    • Public Holidays in Myanmar for 2021
    • Yangon Taxi
    • Tourist eVisa
    • 12 Types Myanmar Entry Visa
    • Restricted areas for foreigners and tourists in Myanmar
    • Foreign Banks with branches in Myanmar
    • Insurance Companies
    • Business Chambers and Associations in Myanmar
    • Myanmar Exhibtion Hall
  • Testimonials
    • EB5 Capital – Testimonial
    • Eletec Elevators – Testimonial
    • Avialite – Testimonial
    • Momoride – Testimonial
    • ProDVD – Testimonial
    • Mitosis – Testimonial
    • Echo Communications – Testimonial
    • C Square – Testimonial
    • OSI – Testimonial
    • ASIGWLL – Testimonial
    • EOS Group Management – Testimonial
    • Our Client List
  • Internship
  • Contact
  • 联系我们

Consult Myanmar

for fruitful investment in Myanmar

  • Business Opportunity
  • Business Visa
  • Company Registration
  • Business Association Registration
  • Myanmar Virtual Office
  • Myanmar Investment Commission
  • 65%/35% JV Company
  • Business Matching
  • Due Diligence
  • Low cost rental solution
  • More
You are here: Home / Latest News / India’s Exim Bank to open Myanmar branch

India’s Exim Bank to open Myanmar branch

September 1, 2013 by thiha

wasting time in myanmar, unproductive meetings, wrong prospects. business partner search service

India has been trying to leverage its aid and loan programmes to counter Chinese influence on Myanmar’s economy

New Delhi: Export-Import Bank of India will open a branch in Yangon next month as part of India’s efforts to boost trade ties with Myanmar, as it opens itself to the global economy after decades of isolation.

“Myanmar is our priority area,” T.C.A. Ranganathan, chairman and managing director of the state-owned lender, said in an interview. “The MEA (ministry of external affairs) said that we should have our office there.”

India has been trying to leverage its aid and loan programmes to counter Chinese influence on the South-East Asian economy. Myanmar’s attempt to improve its creaky infrastructure also holds out the promise of lucrative contracts for foreign companies.

Myanmar needs $650 billion (around Rs.42 trillion today) in investment by 2030 to support growth, according to a McKinsey and Co. report. Of this, $320 billion is required in infrastructure. More than 70% of Myanmar’s 60 million people live in rural areas.

India has already extended a $500 million credit line to Myanmar. Exim Bank has also extended seven credit lines totalling $247.4 million to Myanmar Foreign Trade Bank (MFTB) for projects such as the upgrade of Yangon-Mandalay railway system. Separately, Exim Bank has also given $50 million to MFTB, which has to be activated.

“We have given our application to the government of Myanmar and it will be inaugurated next month,” Ranganathan said. “There are some Indian companies who are already working in Myanmar and there are some Indian companies who plan to set up shop there.”

Exim Bank has given 167 credit lines totalling $8.57 billion to 75 countries. It has loan assets of Rs.65,563 crore and registered a net profit of Rs.742 crore in the last fiscal year.

India has been trying to expand banking in Myanmar. New Delhi was exploring opportunities to set up a bank through a joint venture in Myanmar as the country’s unsophisticated banking system poses a challenge for any country seeking to do business with it, Mint reported on 7 June. Indian lenders, including State Bank of India, the country’s largest, and United Bank of India, have shown interest in starting operations in Myanmar. United Bank is present in the country through a representative office.

Myanmar is key to India from a strategic point of view, given its proximity to the northeastern region, said Arpita Mukherjee, a professor at the Indian Council for Research on International Economic Relations. “India is lagging behind China in developing its relations with Myanmar,” she said. “It has also to develop its northeastern region to reap benefits from the opportunities in Myanmar.”

India’s interest in Myanmar also stems from the promise of the country’s economy growing to $90 billion by 2018. Prime Minister Manmohan Singh’s visit to Myanmar last year was the first such visit in some 25 years.

India plans to use its buyer’s credit scheme under the National Export Insurance Account, which is operated by the Exim Bank, to engage with Myanmar economically. Through this scheme, Exim Bank extends credit facility to overseas sovereign governments and government-owned entities for import of goods and services from India on deferred credit terms.

India also wants to offer Myanmar its 2% interest subvention scheme for project exports to South Asian Association for Regional Cooperation countries.

India’s engagement with Myanmar has not been encouraging. The South-East Asian nation scrapped two hydroelectric projects being planned with India’s assistance at Tamanthi and Shwezaye on the Chindwin river in Myanmar. India’s earlier attempts to secure gas supplies from Myanmar have also failed.

Trade between Myanmar and India in 2012-13 was worth a little over $1.8 billion. India’s exports to Myanmar in the last fiscal year accounted for $532 million and imports from it at $1.33 billion. The two countries have set a target of $3 billion of bilateral trade by 2015.

India’s total investments in Myanmar are around $273 million, and the number is expected to rise to $2.6 billion in the next few years. India is Myanmar’s fourth largest trading partner after Thailand, Singapore and China. There has been considerable interest in Myanmar’s energy sector from neighbouring countries including China and India, both fast-growing major economies. Of Myanmar’s overall trade of around $19 billion, China accounts for around $5 billion.

Source: Livemint

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

 Opportunities from COVID19

.

Looking for foreign investors to invest in your business in Myanmar

Latest News

  • The Inside Story of Thailand and Myanmar’s Troubled Dawei Mega-Project February 9, 2021
  • Infrastructure, agriculture sectors at risk of slower investments February 9, 2021
  • No disruptions to Korea-backed industrial park in Yangon February 9, 2021
  • Kirin Scraps Joint Venture With Myanmar Military-Owned Firm After Coup February 9, 2021
  • Myanmar to continue efforts to support economy amid COVID-19 February 9, 2021
Filed Under: Latest News Tagged With: 2% interest subvention scheme, Arpita Mukherjee, boost trade ties, chairman and managing director, China, Chindwin River, Exim Bank of India, hydroelectric projects, India, Indian Council for Research on International Economic Relations, MEA, MFTB, Ministry of External Affairs, Myanmar Foreign Trade Bank, National Export Insurance Account, open, Shwezaye, South Asian Association for Regional Cooperation countries, South East Asian, State Bank of India, T.C.A Ranganathan, Tamanthi., United Bank of India, upgrade of Yangon-Mandalay railway system., Yangon branch

NO FLIGHT AVAILABLE? We can setup your company in 1-day and open your bank account without you stepping foot in Myanmar during this difficult period.Click here to learn more.

COVID19 Travel Restrictions

To learn more about the latest Travel Restrictions affecting all travelers entering Myanmar due to the COVID19 Pandemic, click here

Debt Recovery Service

INVEST IN MYANMAR

https://www.youtube.com/watch?v=xkPm2XpaAzc

Myanmar Virtual Office

Myanmar Virtual Office Rental

;

MYANMAR INTERNSHIP


Subscribe to Tender Alert

* indicates required



Categories

  • Business Networking (74)
  • Featured Stories (144)
  • Franchise Opportunity (3)
  • Job Opportunity (7)
  • Latest News (12,930)
  • Looking for Business Partners (52)
  • Property Report (224)
  • Tenders & Awards (1,068)

What are the benefits of setting up a holding company in Singapore to invest in Myanmar?

Download the Guide

Our location in downtown Yangon:
our location map

To see our location on Google Map click here
To contact us at Email : info (at) consult-myanmar (dot) com
To download our contact (vCard) to your mobile or computer click here

缅甸,投资,注册,年审,报税
缅甸投资,注册,年审,报税. 可用微信跟本公司联系, 微信ID名:Consult-Myanmar

Myanmar New Tourism Promotion Video

https://www.youtube.com/watch?v=9uJ1wIkICYs

Some of Our Clients:

 

  

  


To see more of our client click here

Copyright © 2021 — Consult-Myanmar Co Ltd, Myanmar Co Reg No: 100066009, • All rights reserved. • Privacy Policy • Disclaimer