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Press Release-Exim Bank of India opens its Representative Office in Yangon
Exim Bank of India opens its Representative Office in Yangon, Myanmar
Export-Import Bank of India's (Exim Bank's) Representative Office at Yangon was formally inaugurated on September 09, 2013, in the esteemed presence of H.E. U Myint Swe, Hon’ble Chief Minister of Yangon, H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A Ranganathan, Chairman and Managing Director of Exim Bank. A seminar on Trade and Investment opportunities between India and Myanmar was also organised to mark the occasion, which was attended by Myanmar’s high-level Government functionaries, diplomats, multi-lateral agencies, banks, large number of corporates and the Indian diasporas.
H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar in his opening remarks welcomed Exim Bank's decision to open an office in Yangon, its eighth overseas regional office, and hoped that Exim Bank's presence in Myanmar would serve to further boost and facilitate bilateral trade and investment relations between India and Myanmar and contribute to the developmental endeavours of Myanmar. He urged the trade and industry bodies in the region to benefit from the use of financing and support services offered by Exim Bank. Highlighting the historic connect between India and Myanmar, he emphasised that development cooperation has been the corner stone of bilateral ties, with India extending technical and financial assistance for a number of developmental projects in Myanmar, both in infrastructural and non-infrastructural areas, besides capability creation and entrepreneurship development.
Delivering the Special Address, H.E. U Myint Swe, Hon’ble Chief Minister of Yangon congratulated Exim Bank of India and observed that Exim Bank’s presence in Myanmar and through its expertise in trade and overseas investment finance would significantly contribute to enhancing bilateral trade and investment ties between Myanmar and India in the years to come. He also recommended that Myanmar presents a plethora of opportunities for collaboration for especially partner Asian countries like India.
Mr. U Win Thein Min, Deputy Director, Financial Supervision Department, Central Bank of Myanmar, and Ms. Daw Cho Cho Wynn, Deputy Director General, Directorate of Investment and Company Administration (DICA) also addressed the participants on banking and investment scenario in Myanmar.
Earlier during the function, Exim Bank's Chairman and Managing Director, Mr. T.C.A. Ranganathan, in his welcome address, stated that Exim Bank through its global network of offices and wide range of financial, advisory and capability building activities has strived to play a catalytic role, as a key player, in promoting India’s international trade and investment relations with partner countries, while contributing to the internationalisation endeavours of Indian business. He highlighted that bilateral trade relations between India and Myanmar have witnessed significant rise in recent years, with India accounting for 15 percent of Myanmar’s global exports in 2012, and ranking as its second largest export market. As a partner country for Myanmar’s imports, India accounted for a share of 3 percent of Myanmar’s global imports while ranking as the seventh largest import source.
He emphasised the need for a stronger bilateral cooperation between India and Myanmar in order to harness the true potential that exists for increasing bilateral trade and investment and stated that Exim Bank’s office in Myanmar would endeavour to contribute in this direction.
On this occasion, Exim Bank's research publication titled “Enhancing India-Myanmar Trade and Investment Relations: A Brief Analysis” was released at the hands of H.E. U Myint Swe, Hon’ble Chief Minister of Yangon, in the presence of H.E. Mr. Gautam Mukhopadhaya, Ambassador of India to Myanmar, and Mr. T.C.A. Ranganathan, Chairman and Managing Director, Exim Bank. The study highlights that in spite of India’s geographical proximity to Myanmar and export capability in most leading import items of Myanmar, India’s share in Myanmar’s imports is relatively low, as compared to other partner countries in Asia including China, Thailand, Singapore, Korea, Japan and Malaysia. The study draws attention to the fact that with a view to balancing the burgeoning trade gap between India and Myanmar, there is need for increased focus on India’s export potential to Myanmar. This would also serve to enhance India’s ranking as Myanmar’s import source.
Apart from its Head Office in Mumbai, the Bank has regional offices spread across the major cities of India viz. Ahmedabad, Bangalore, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. The overseas offices of the Bank are located in Addis Ababa, Dakar, Dubai, Johannesburg, London, Singapore and Washington DC.
Yangon
9 September, 2013
