An ASEAN Economic Community with a unified market and a three-year grace period for the less developed CMLV countries (Cambodia, Laos PDR, Myanmar and Vietnam) is scheduled to come into existence by the year-end, Indian Ambassador to Myanmar Gautam Mukhopadhaya said.
This will enhance the footprint of Indian investments and trade in those countries.
According to Mukhopadhaya, the largest trade partners and investors are still Myanmar's immediate neighbours to the north and east, China and Thailand, a CII statement said.
He said Myanmar was in need of infrastructural development including power generation and skill development,
"Myanmar is growing at a rate of 7-8 per cent, it has tremendous natural resources," he said, adding Myanmar was in need of infrastructural development.
He said the Indian government has already invested USD 1.75 billion in the country of which USD 750 million has been utilised for developing four infrastructural projects, USD 250 million has been given for 'capacity building' and another $750 million has been given "on lines of credit for infrastructural development.
According to the envoy, Indian companies have a good potential to expand their operations in that country in a number of sectors.
