Indian PM in Burma to Boost Trade, Investment

Posted May 28th, 2012 at 8:50 am (UTC-5)
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India's Prime Minister Manmohan Singh is in Burma in an effort to strengthen trade and investment links between the two Asian neighbors.

Mr. Singh met with Burmese President Thein Sein in the administrative capital, Naypyitaw, after a formal welcoming ceremony at the presidential palace. The two signed about a dozen trade and investment agreements, including deals on air services and the Indian promise of a one-half-billion-dollar line of credit.

The Indian leader is to meet Tuesday with opposition leader and democracy icon Aung San Suu Kyi.

Mr. Singh's three-day visit to Burma is the first in a quarter century by an Indian head of government. New Delhi is pressing its quest for energy supplies needed to fuel its booming economy, and Burma's new, nominally civilian government seeks to shed its image as a closed authoritarian state ruled for a half century by military generals.

India, which shares a 1,600 kilometer border with Burma, ranks behind China and South Korea in investment in Burma.

Bilateral trade is currently valued at $1.5 billion annually. Analysts say it is expected to exceed $3 billion by 2015.