‘Lets Go Myanmar’ seems to be the new mantra of an Indian industry, which is keen to tap the market there. From infrastructure to energy to aviation, Indian companies are trying to mark their presence in Myanmar. Although a late entrant, India now seems to be determined to make up for the lost time, while countries such as the US, Japan and China have already started making deep inroads there. At present, Indian investment in Myanmar stands at around $273.50 million, which is expected to soar to $2.60 billion over the next few years.

Some of the Indian companies present there include ONGC Videsh Limited (OVL), Jubilant Oil and Gas, CenturyPly, among others. Other investors having operations in Myanmar are Tata Motors, Essar Energy, RITES, Escorts, Sonalika Tractors, Zydus Pharmaceuticals Ltd, Sun Pharmaceuticals Ltd, Ranbaxy, Cadila Healthcare Ltd, Shree Balaji Enterprises, Shree Cements, Dr. Reddy’s Laboratories Ltd, Cipla, Gati Shipping Ltd, TCI Seaways, Apollo and AMRI.

During the recent visit of Commerce and Industry Minister Anand Sharma to Myanmar, the government set up India- Myanmar Joint Trade Committee, to be co-chaired by Bharti Enterprises’ Sunil Bharti Mittal. The first meeting of the committee took place on June 7. “Out of Myanmar’s total trade volume of over $18 billion, India accounted for around 7.5 per cent (in 2011-12) and India is behind China, Singapore, Thailand and Japan in exports to Myanmar,” said D S Rawat, Secretary General of Assocham. India-Myanmar bilateral trade expanded significantly from $12.4 million in 1980-81 to $1,070.88 million in 2010-11. more…