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Press Release-13 January 2016

Embassy of India

Yangon

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Press Release

The 3rd CMLV (Cambodia, Myanmar, Lao PDR, Viet Nam) Business Conclave concluded yesterday, after deliberations on 12-13 January 2016 at Mamallapuram, near Chennai. The potential of “Myanmar as an Investment Destination” was a major theme at the Conclave. The event was organized by the CII (Confederation of Indian Industry) on behalf of the Ministry of Commerce & Industry, Government of India. The event brought Ministerial delegations from four CMLV countries and was aimed at strengthening linkages with Myanmar as a strategically important trade and investment destination. H.E. Ms. Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce & Industry, Government of India and H.E. Dr Pwint San, Deputy Minister, Ministry of Commerce of the Republic of the Union of Myanmar co-chaired the Conclave along with Ministers from other CMLV countries. Being the first major promotion of Myanmar as an investment destination for the Indian industry in decades, the Conclave was attended by top business leaders of both these countries as also by other CMLV countries.

Recognizing the importance of Myanmar as an exciting emerging market the Conclave this year included a 'Country focus on Myanmar' addressed by a high-level delegation from Myanmar. The ‘Country focus’ included presentations on the investment climate and opportunities, priority sectors for investment and where to invest (SEZ’s, Industrial Zones, Economic Corridors) in Myanmar. Plenary sessions focussed on Connectivity, Financial Imperatives and exploring regional value-chains in industry and services, and parallel sessions were on specific themes for a detailed discussion. The Conclave also brought together some top economic decision-makers along with some dynamic entrepreneurs of Myanmar and India on a common platform with a vision for the future in which the two countries can be economic partners.

Myanmar's land mass, natural, agricultural and human resources, strategic location between the Indian sub-continent, China and the Greater Mekong Sub-region of the ASEAN, regional trade policies and incentives including the ASEAN Economic Community and regional FTAs give it unique advantages. India's geographical proximity to Myanmar and DFTP scheme of the Ministry of Commerce of India allowing duty-free exports for Myanmar for over 96% of tariff lines to India -- also eligible for those investing in Myanmar-- give both Myanmar and India numerous competitive advantages.

Not many may be aware that India has development commitment of nearly US$ 2 billion to Myanmar including major surface transport connectivity, human resource capacity-building, and border area development projects and programmes. The dynamism imparted by the vision of Prime Minister Narendra Modi reflected in India's economic and foreign policies, notably the Prime Minister’s 'Neighbourhood First' and 'Act East' policies, 'Make in India', 'Digital India' 'Smart Cities', renewable energy, focus on India's North East, and numerous other initiatives to modernize India and attract foreign investment, have renewed focus on the Indian economy. India is one of the fastest growing large economies of the world with a GDP of over US$ 2 trillion, a market of over 1.2 billion people, and a level of scientific, technological and industrial development that is one of the most advanced amongst the developing world. The choice of location of the Conclave in Chennai, in Tamilnadu State, apart from revisiting Myanmar’s historic maritime links with this State serves to highlight one of the most industrialized, metropolitan cities in India and a major destination for foreign investments in India. Chennai is well known as a manufacturing center for the automotive and garment industries and their respective supply chains and IT.

Prominent speakers from the Myanmar side included H.E. Dr. Pwint San, Deputy Commerce Minister; Prof. Dr. Aung Tun Thet, Economic Advisor to President & Member, Myanmar Investment Commission; U Win Aung, President Union of Myanmar Federation of Chamber of Commerce and Industry, Yangon, apart from senior officials, Industry leaders from Myanmar, entrepreneurs, international law firms and consultancies.

The Conclave covered Myanmar's investment climate and policies on a range of issues and topics that included:

i)Investment Climate and policies

ii)Special Economic & Industrial Zones, and Connectivity Corridors

iii)Access to markets (ASEAN Economic Community, FTAs, DFTP Scheme of India et. al.)

iv)The sessions also discussed challenges for bilateral economic growth, and are for further attention in Information, Air Connectivity, Banking and Finance.

Sectoral focus discussed included Agriculture, Livestock, Fisheries, SMEs, Education, IT and Renewable Energy amongst others major areas of interest to large businesses like energy, infrastructure, power, telecom, construction etc.

B-2-B meetings punctuated all discussions imparting a direction to the qualitative aspects of the deliberations.

Yangon, 13 January 2016

2016CLMV