YANGON, May 4 (Xinhua) -- India will invest in producing bean-based foodstuff in Myanmar for sale in the local market as well as for export to India, official media reported Thursday.
The business deal under a memorandum of understanding (MoU) was signed between the Southern India Chamber of Commerce and Industry and the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on Wednesday.
In addition to setting up factories to produce bean-based foodstuff, other Indian entrepreneurs also intend to invest in producing leather goods such as shoes and purses.
The MoU also agreed to promote investment and trade between the two countries, hold emporiums in Myanmar and inter-exchange on facts of economy and markets.
According to official statistics, India's investment in Myanmar amounted to 732.649 million U.S. dollars as of March this year since late 1988, ranking the 10th in Myanmar's foreign investors' line-up.
Bilateral trade between the two countries reached 1.711 billion dollars in the fiscal year 2015-16, of which Myanmar's export to India amounted to 904.16 million dollars, while its import from India stood at 807.35 million dollars.
The two countries target to increase their bilateral trade at 10 billion dollars by 2020.
