THE bilateral trade volume between India and Myanmar is expected to exceed US$1.6 billion in the financial year 2024- 2025, which ends on 31 March, according to U Min Min, Deputy Minister for Commerce.
He made this statement at the India-Myanmar Business Conclave 2025, held at the Pan Pacific Hotel in Yangon on 10 January, three months before the end of the 2024-2025 financial year. The bilateral trade volume reached $1.2 billion by the end of December 2024.
At the event, Mr Shri Siddharth Mahajan, Joint Secretary in the Department of Commerce, Ministry of Commerce and Industry, Government of India, delivered an online address, highlighting the significant untapped potential between the two countries and the recent initiatives by the Indian government to increase trade with Myanmar. Similarly, Mr Naresh Kumar Dinodiya, President of the India-Myanmar Chamber of Commerce (IMCC), stated that the two countries aim to increase their bilateral trade volume to $5 billion.
According to the value of bilateral trade by financial year, the trade volume between the two countries was $1.4 billion in the financial year 2022-2023 and $1.33 billion in the financial year 2023-2024, respectively. Myanmar exports mainly pulses, rubber, fish, and garments to India, while India mainly exports pharmaceuticals, petroleum products, electrical appliances, and construction materials to Myanmar. Now, to facilitate faster and smoother trade between the two countries, a Kyat-Rupee direct payment system has been implemented, and trade liberalization is being implemented.
Among the 53 countries investing in Myanmar, India is Myanmar’s fourth-largest trading partner and ranks 11th in terms of investment size, with a total investment value of about $783 million, according to data released by the Ministry of Commerce. — Htun Htun/TH