Indian Trade Delegation Tempted by Investments in Beans and Rubber

An Indian busi­ness delegation led by South­ern India Chamber of Commerce and Industry (SICCI) has expressed in­terest in investing in rub­ber-based products and beans, the group’s chair­man has said.

Mr Rafeeque Ahmed made the comments dur­ing a speech at UMFCCI in Yangon.

Rather than importing raw beans to India from Myanmar, he said, there is a good opportunity to add value to bean prod­ucts and then import to India.

India is the largest buy­er of Myanmar’s beans and pulses.

Also at the UMFCCI meeting, Mr Habib Hus­sain, Director of AV Thomas Group, said My­anmar was an attractive investment prospect for Indians in the rubber and bean industry because of low wages and the ben­efits that the country en­joys under the US’s spe­cial tariff system, known as the Generalised System of Preferences.

The visit was the first ever to Myanmar by In­dia’s SICCI delegation, which held private meet­ings with Myanmar busi­ness people after the UM­FCCI speeches.

The UMFCCI and SICCI signed a memorandum of understanding with the goal of promoting invest­ment and trade between the two countries and encouraging the meeting of the nations’ entrepre­neurs.

Other sectors including pharmacy, used farm ma­chinery, and information and technology have the potential to attract Indian investment to Myanmar, said Mr B. Shyam, Deputy Chief of Mission at the In­dian embassy in Yangon.

Myanmar’s trade with India reached $2 billion in the 2015-2016 fiscal year and the countries are aiming to reach $10 bil­lion in trade volumes in 2020.

 

Source: Myanmar Business Today

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