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