India has offered 150 million Dollars credit to Myanmar for establishing a Special Economic Zone at Sittwe in Myanmar's Buyer's Credit Scheme under National Export Insurance Account (NEIA). Myanmar Government will provide land for the purpose. The offer was made at a meeting the Commerce and Industry Minister, Anand Sharma had with the Myanmar President U Thein Sein recently in Nay Pyi Taw. Mr. Sharma discussed an entire gamut of issues for deepening the economic ties between the two countries. Cooperation in Energy sector also came up for discussion between the two leaders.

According to an official release issued in New Delhi, Mr. Sharma appreciated Myanmar Government’s decision to allow United Bank of India to set up a representative office in Myanmar. He hoped that the two other public sector banks namely, Bank of India and State Bank of India would also be permitted to operate in that Country. The Minister also informed that significant progress has been made in improving road connectivity with Myanmar which will create new opportunities for India's north eastern region.