India today extended to Myanmar a 500 million US dollars line of credit by signing a Memorandum of Understanding with the neighbouring country. The Line of Credit will be utilised in the infrastructure development projects, including in the fields of Agriculture and Irrigation, Rail Transportation, and Electric Power in Myanmar.
The joint statement issued today in Nay Pyi Taw said Prime Minister Dr Manmohan Singh and Myanmar President U Thein Sein agreed to cooperate for bringing development and prosperity of the people in bordering areas by undertaking both infrastructure development and micro-economic projects.
These include upgradation of roads and construction of schools, health centres, bridges, agriculture and related training activities. The two leaders decided to set up the Myanmar Institute of Information Technology with financial and technical assistance from India.
Both the countries emphasised the need for closer cooperation to further energy security.
India and Myanmar also signed MoU to set up border haats along the border between the two countries. They also agreed to upgrade banking infrastructure at border trade points to facilitate greater trade between people living in these areas.
12 agreements and Memorandums of Understanding on wide range of areas including connectivity, development cooperation, trade & investment, power and energy, culture and people to people contact were also signed. After the restricted meeting between Prime Minister Dr Manmohan Singh and President of Myanmar U Thein Sein and delegation level talks on bilateral, regional and international issues of mutual interest, a joint statement by the Ministry of External Affairs said the two leaders comprehensively reviewed the multifaceted bilateral and expressed satisfaction at the growing economic, trade and cultural ties and they agreed to cooperate in the areas such as border area development, transportation, connectivity, agriculture, trade and investment, promotion of friendly exchanges and human resource development.
Prime Minister Dr Manmohan Singh reiterated India's readiness to extend all necessary assistance in accelerating the country's democratic transition and developing the capacity of democratic institutions.Both leaders reaffirmed their shared commitment to fight the scourge of terrorism and insurgent activity in all its forms and manifestations.
Both the countries will launch a trans-border bus service from Imphal to Mandalay soon. India would undertake the task of repair and upgradation of 71 bridges on the Tamu- Kalewa friendship Road between Manpur and Myanmar.
Both the sides y signed Cultural Exchange Programme for the period 2012-2015 for further deepening the bonds between the peoples of the two countries.
Myanmar also assured India that it will not allow any anti- India force to use its territory.
