The Myanmar Trade Ministry and Indian Industries Association (IIA) have recently signed a Memorandum Understanding (MoU) that aims to accelerate the two countries’ bilateral trade volume.

Prior to the signing of the document, both sides discussed steps to push trade, regarding cross-border activities, private sector development, as well as ways to increase IIA’s investment in Myanmar and simplify trade procedures.

Myanmar has opened its door to foreign investors since the end of 1988. The country and India are working to seek closer ties on trade and investment.

In July, India organised an INVESTRADE Fair 2014 in Yangon and Mandalay, which saw the participation of 50 Indian businesspeople.

At present, Indian is Myanmar’s biggest cereal buyer; it is among the top three exporters of the Southeast Asian country.

Official statistics show two-way trade between the two countries reached over 1.6 billion USD in 2013, in which 1.143 billion USD came from Myanmar’s exports to India and 493 million USD was its imports.

As by June, 2014, India has invested 300.44 million USD in Myanmar, accounting for 0.64 percent of the total foreign investment and ranked 11 th among foreign investors to this ASEAN member country.-VNA