A top Myanmarese diplomat is hopeful that the upcoming general elections, that are slated to take place next year, could mend its economic ties with the US and European Union among others. “I am optimistic that things with the US and the EU will change (after the election),” Myanmar Ambassador to India U Kyi Thein said today. He was talking on the sidelines of an interactive meet organised by Indian Chamber of Commerce.
The US has imposed broad sanctions against Myanmar, including ban on new investments. There is a ban on all imports of products from Myanmar, a ban on the export of financial services there and an asset freeze against designated firms. The EU also has imposed sanctions against Myanmar and the members of its military regime. With regard to South Asian Association for Regional Cooperation, Thein said that there were no dialogue underway but hoped things would change after 2010.
Thein said that trade ties between India and Myanmar were not contingent on the political situation. “The bilateral trade between Myanmar and India was $ 951 million in 2008-09, and this could go up to $1 billion this year,” he said. On the India-Myanmar gas pipeline, he said that it would take a couple of years for the supply route to materialise subsequent to Indian firms completing the exploration process in Myanmar.
