India extends credit line of $500m to Myanmar
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NEW DELHI: Lending more substance to its Look East policy, India on Friday extended a credit line of $500 million to Myanmar to help develop infrastructure in the country which is seeing a civilian government after several decades.
The announcement followed a meeting between visiting President U Thein Sein and Prime Minister Manmohan Singh during which the two countries discussed security, mainly insurgency in the north-east, and agreed to expand cooperation in the field of oil and natural gas.
The announcement came even as the Myanmar President conveyed gratitude for earlier lines of credit amounting to nearly $300 million that had been extended by India, including for the development of railways, transport, power transmission lines and oil refineries. Singh's engagement with President Sein came just two days after his meeting with Vietnam PresidentTruong Tan Sang. With both Vietnam and Myanmar passing through a difficult phase in their relations with China, India's engagement with both these countries has evoked interest internationally despite Indian authorities steadfastly denying any one-upmanship with Beijing.
Energy-rich Myanmar also agreed to encourage further investments by Indian companies from both public and private sectors in oil and natural gas. The first civilian president in almost 50 years, Sein came to India accompanied by as many as 13 ministers.
On the issue of insurgency in the north-east, the two leaders agreed on enhancing effective cooperation and coordination between the security forces of the two countries in tackling the issue.
"The two leaders reiterated the assurance that the territory of either would not be allowed for activities inimical to the other and resolved not to allow their respective territory to be used for training, sanctuary and other operations by terrorist and insurgent organizations and their operatives,'' said a joint statement issued after the meeting.
Two pacts were also inked for the upgradation of Yangon Children's Hospital and Sittwe General Hospital and Programme of Cooperation in Science and Technology for the period of 2012-2015. On the issue of border management, the two leaders directed the heads of the survey department of India and Myanmar to jointly work out and implement a schedule for inspection and maintenance of boundary pillars in the open season in 2011-12 in a time bound manner.
Expressing satisfaction at the implementation of the ambitious Kaladan Multi-modal Transit Transport Project, they decided to start the road component of the project at the earliest. They also agreed to open an additional border trade point to allow smooth flow of commerce to be generated by the Kaladan Project which will also allow India to transport goods to the north-east through the water route.
Singh congratulated the Myanmar President on the transition towards democracy and offered all necessary assistance in "further strengthening this democratic transition in an inclusive and broad based manner''. He welcomed the ongoing efforts at political, economic and social reforms in Myanmar including attempts to engage Aung San Suu Kyi.
The announcement followed a meeting between visiting President U Thein Sein and Prime Minister Manmohan Singh during which the two countries discussed security, mainly insurgency in the north-east, and agreed to expand cooperation in the field of oil and natural gas.
The announcement came even as the Myanmar President conveyed gratitude for earlier lines of credit amounting to nearly $300 million that had been extended by India, including for the development of railways, transport, power transmission lines and oil refineries. Singh's engagement with President Sein came just two days after his meeting with Vietnam PresidentTruong Tan Sang. With both Vietnam and Myanmar passing through a difficult phase in their relations with China, India's engagement with both these countries has evoked interest internationally despite Indian authorities steadfastly denying any one-upmanship with Beijing.
Energy-rich Myanmar also agreed to encourage further investments by Indian companies from both public and private sectors in oil and natural gas. The first civilian president in almost 50 years, Sein came to India accompanied by as many as 13 ministers.
On the issue of insurgency in the north-east, the two leaders agreed on enhancing effective cooperation and coordination between the security forces of the two countries in tackling the issue.
"The two leaders reiterated the assurance that the territory of either would not be allowed for activities inimical to the other and resolved not to allow their respective territory to be used for training, sanctuary and other operations by terrorist and insurgent organizations and their operatives,'' said a joint statement issued after the meeting.
Two pacts were also inked for the upgradation of Yangon Children's Hospital and Sittwe General Hospital and Programme of Cooperation in Science and Technology for the period of 2012-2015. On the issue of border management, the two leaders directed the heads of the survey department of India and Myanmar to jointly work out and implement a schedule for inspection and maintenance of boundary pillars in the open season in 2011-12 in a time bound manner.
Expressing satisfaction at the implementation of the ambitious Kaladan Multi-modal Transit Transport Project, they decided to start the road component of the project at the earliest. They also agreed to open an additional border trade point to allow smooth flow of commerce to be generated by the Kaladan Project which will also allow India to transport goods to the north-east through the water route.
Singh congratulated the Myanmar President on the transition towards democracy and offered all necessary assistance in "further strengthening this democratic transition in an inclusive and broad based manner''. He welcomed the ongoing efforts at political, economic and social reforms in Myanmar including attempts to engage Aung San Suu Kyi.
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