Thursday, August 17, 2017

Southern Indian merchants, Mandalay UMFCCI ink MoU

Southern Indian business concerns and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) of Mandalay have signed an MoU, linking merchants from both countries to explore opportunities.

The signing of the MoU takes place at the Mandalay UMFCCI office on May 4. (Than Naing Soe/The Myanmar Times)The signing of the MoU takes place at the Mandalay UMFCCI office on May 4. (Than Naing Soe/The Myanmar Times)

“The thrust of the MoU is to foster greater exchange of information linking merchants and to promote business to business connections. The agreement is to increase collaboration and understanding among the two business communities. We will have continuous detailed discussions on a monthly or yearly basis,” said U Win Htay, deputy chair of UMFCCI Mandalay.

The MoU was signed on May 4 at the UMFCCI office in Mandalay.

The UMFCCI of Mandalay has already relations with the central and northeast parts of India. But this is the first time a MoU is being signed with southern India.

U Win Htay said, “They also have a very developed information technology industry and international colleges. Our students can study there, just as they invest here.”

Meanwhile, Shri Nandan Singh Bhaisora, consul general of India based in Mandalay, said, “Myanmar is an entrance to Southeast Asia for India. Likewise, India is a window to the world for Myanmar.”

As Myanmar’s economy opens up, many players are competing to trade and invest here.

Myanmar has great trade potential, investment opportunities and financial ventures, he added.

Myanmar and India signed a trade agreement in 1970 and Myanmar is the second largest exporter of beans to India.

Translation by Khine Thazin Han and Swe Zin Moe