Myanmar, India companies target US$5m border trade
The Northeast India Company and Yumon International Company, which both have an Indo-Myanmar trade licence allowing them to supply medical equipment and farm equipment in Myanmar, have signed a Memorandum of Understanding (MOU) for the import and export of farm and agricultural products.
The MOU, which was signed in the last week of July, involves trading of farm equipment and agri-products worth US$5 million between India and Myanmar. It is also expected to boost economic conditions at the border towns and build stronger ties between the two countries.
The crops involved will include those which enjoy high international demand such as cardamom, cinnamon, soya beans and kidney beans.
The agreement comes after a series of meetings between representatives from India’s four northeast states – Nagaland, Manipur, Mizoram and Arunachal Pradesh -and the Mandalay Region Chamber of Commerce and Industry (MRCCI) to discuss trade.
Thokchom Jotin Singh, general secretary of the Manipur Chamber of Commerce and Industry told The Myanmar Times that the two sides would cooperate to build a better relationship in terms of economic, cultural, tourism, traditions.
Yaomila Lotha, a spokesperson for the Northeast India Company, said “many who live in Chin State and Sagaing Region near the border areas of Myanmar are poor farmers who cultivate crops that are in demand in India.”
She added that “these people had applied for bank loans to help scale production for exports purposes but the application process was too lengthy and inconvenient.”
Recently though, some farmers have secured financial assistance from Singapore, which will help them cultivate sufficient quantities of crops for exports by November.