The Indian government has sanctioned USD 150 million for Myanmar. In New Delhi, Indian Commerce and Industry Minister Anand Sharma told the media that the south-east Asian country would receive the amount as credit for exporting project materials to set up a Special Economic Zone (SEZ).
Sharama, who recently visited Myanmar, said that he had discussed the issue with top Myanmarese leaders in Nay Pyi Taw. Meanwhile, the Indian Commerce and Industry Ministry issued a statement, divulging details of the
SEZ project. According to the statement, the Indian government will get suitable land at Sittwe for setting up the SEZ.
During his meeting with Sharma, President of Myanmar U Thein Sein said that his country is interested in strengthening bilateral co-operation especially in the banking sector. Sein also assured the visiting leader that Indian banks would be allowed to open branches there. The Indian minister welcomed the decision, saying that the United Bank of India would soon establish a representative office in Myanmar.
“He expressed hope that the two public sector banks, Bank of India and State Bank of India, would also be permitted to operate in Myanmar,” the statement said. The commerce minister also stressed upon the requirement for permission to launch full-fledged banking services in Myanmar.
Both leaders further discussed various ways to increase bilateral co-operation in energy sector. The Indian Commerce Ministry statement added: “Sharma expressed satisfaction on the progress of co-operation in this field as the renovation of the Thanlyin Refinery and the ongoing upgrade of the Thanbayakan Petrochemical Complex proceeded smoothly.”
India had provided USD 20 million to Myanmar for the renovation of Thanlyin Refinery on the basis of a “line of credit” signed in 2005-06. In 2008-09, Indian sanctioned another USD 20 million for the upgrade of Thanbayakan Petrochemical Complex.
In a separate development, at least eight people were killed in Mumbai, the financial capital of India, on Monday night after a five-storey building on Cadell Road in Mahim collapsed. The Mumbai Police said that a number of people sustained injury in the accident.
The concerned authorities immediately sent rescue officials to the spot, as many people are feared trapped in the debris. Preliminary investigations suggest that heavy rainfall was the main reason behind the building collapse.
Currently, more than 60 fire brigade officials and National Disaster Response Force (NDRF) personnel are working hard to rescue the trapped.
A senior NDRF official said, “There are no problems as of now. Everyone is doing their duty. Our entire NDRF team is at work. About 90 members are in action and we have been working through the night. Local authorities are also helping us.”
Source : inserbia.info