India has offered $150 million of credit for project exports to set up a SEZ in Myanmar and has expressed hope that the neighbouring country would permit Indian banks to set up branches there.

The issues came up for discussion during the three-day visit of Commerce and Industry Minister Anand Sharma to Nay Pyi Taw and Yangon.

For the SEZ project, Myanmar government will provide suitable land for the purpose. “India has offered $150 million of credit for project exports for establishing a SEZ at Sittwe in Myanmar,” an official statement said. Sharma called for greater cooperation in banking sector and appreciated the Myanmar government’s approval to allow Indian banks like United Bank of India to set up a representative office in the neighbouring country.

“He expressed hope that the two public sector banks viz., Bank of India and State Bank of India, who have also expressed interest, would also be permitted to operate in Myanmar,” the statement said. The Commerce Minister stressed the need for permission to open full-fledged banking services.

Even setting up a joint venture state-owned bank with India and Myanmar sharing equity would strengthen ties in banking and commerce between the countries. Besides, the minister discussed ways to increase cooperation in energy sector. more…