Will help promote trade between India and Burma.
The Export-Import Bank of India (Exim Bank) opened a representative office in Rangoon located at Bo Yar Nyunt Street, Dagon township.
Exim Bank said it had already extended credit totaling US$247.4 million to projects in Burma in sectors such as railways, telecommunications, power and vehicle manufacturing and assembly.
The opening of the Exim-Bank office follows Indian Prime Minister Manmohan Singh’s visit to Burma in May 2012 during which India reportedly agreed to provide US$500 million to build railway and irrigation projects. India has also pledged another US$250 million for other projects.
Total trade between Burma and India rose by 4% to reach US$ 1.9 billion in the 2012 to 2013 fiscal year.
India’s main exports to Burma are pharmaceuticals, iron and steel, machinery, boilers and electrical equipment.
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