Indian industry must take up business opportunities coming up in Myanmar, Indian Ambassador to Myanmar Villur Sundarajan Seshadri said on Thursday.
Outlining the possible areas of interest, Seshadri said earlier this month the Myanmar Energy Minister had said that there would be open bidding for onshore and offshore oil and gas blocks later this year.
“He also said that the next tender will contain 10 onshore and offshore blocks. They are also known to be working on a mining policy, which is likely to be outlined later this year. Incidentally, event management has also become a big business. In addition, in the telecom sector, there are ambitious plans to open up and expand by 30 million lines in next five-six years,” the Envoy said.
He said though foreign banks were not allowed to open direct retail operations in Myanmar, the United Bank of India had already got a licence for opening a representative office and Exim Bank had applied for one. “I think one or two more Indian banks are showing interest,” he said.
Seshadri said Myanmar had taken a number of steps to attract foreign investment, including floating its currency, short-listing 12 Myanmar companies for starting insurance business and moving towards selling off Government businesses.
He said while details were not available as yet, reports indicated that foreign investment of up to 49 per cent was proposed in agriculture, livestock and offshore fishing. Besides, in high technology, Myanmar has allowed up to 100 per cent foreign investment.
“There is a minimum level of investment for foreign investment which is at 35 per cent,” he added.
Addressing the meeting, Chairman and Managing Director of Exim Bank T.C.A. Ranganathan said India needed to get out of the ‘No Action Only Talk’ in Myanmar.
ashwini.phadnis@thehindu.co.in
Keywords: Indian industry, business opportunities, Myanmar, Indian Ambassador, Villur Sundarajan Seshadri, onshore and offshore oil and gas blocks
Comments:
As we read the chinese have a strong hold in Mynamar in Mining- railways -
tapping resource sas well in oil &gas.
while India has so many advantages why c ant we take the entire team/ delegation of
professionals -industrialists and start venturing directly ex:
Education -oil and gas -farm products - agriculture- precious stones- timber-
railways -transportation- soft ware - chemicals -textiles- pharmaceuticals-
hospitals etc.
It is time to think big. The US is interested in containing China. US businesses area interested in exploring opportunities in Myanmar. India and India Inc., should draw up grand plans. Work on a multi-party international agreement to build a port at the junction of Bangladesh and Myanmar. Then build a major highway along the border to the North Eastern states of India. What natural resources can be tapped in such a development? What economic development can be brought to Myanmar and Bangladesh. With a short and quick connection to the North East from the East coast, what benefits would India gain? Will such a link provide for economic route to South East Asia also? What are the security implications?
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