NEW DELHI, May 13 (UNI): Myanmar is ready to sell gas toIndia, the contry's Ambassador U Kyi Thein said today.
Speaking at an interactive session here, the Ambassador said Myanmar could sell part of the gas being produced in his country to India.
He said that developing a transit trade zone between India, Myanmar and China was a top priority for Myanmar Government and only rules and regulations had to be formulated.
This would give a huge impetus to trade in Asia and particularly between India and Myanmar.
Thein said Myanmar was reviewing its laws and coming up with a new policy shortly which would be based primarily on the Chinese model so that the country would be ready to cope with international requirements.
He said a new industrial zone was being set up in Myanmar which would prove a boon for those who wanted to set up industries and Joint ventures in his country.
Replying to a question on increasing trade level with India, Thein said a Memorandum of Understanding (MOU) with India had already been signed on this and only modalities had to be worked out with the Government.
India and Myanmar had very close relations which were not restricted to mere physical proximity but there were cultural, historical and ethnic commonalities between the two countries.
Trade volume between the two countries which was 12.4 million Dollars in 1980-81 had gone up to 557 million in 2005.
He hoped it would reach one billion by the end of 2006.
Thein suggested stepping up of bilateral meetings between business leaders from both sides focusing on sector-specific targets like pharmaceuticals where Myanmar was particularly lacking.
Besides, there should be other group meetings for discussing trade of traditional items like teak and timber, he said.
"We are particularly interested in Indian investment in Pharmaceuticals and we have had concrete talks with the Minister of Commerce and Industry Kamal Nath for this.
Besides, we need investment in technology, IT and shipping sectors," he added.
