India Raises Its Game In Myanmar, Opens Export Import Bank Office

Today, India is trying to leverage its aid and loan programmes and forstering economic and business links as part of its diplomatic effort to weild "soft" influence and to counter what analysts say the Chinese ingress into the country's economy and grabbing of mega project contracts. In such a context, the role of EXIM Bank as an instrument of economic diplomacy is seen as critical, especially when the government in Nay Pyi Taw is looking to broaden investment and development in the economy beyond the extractive and energy industries.
Mynamar is looking to attract foreign investment by reforming its legal and regulatory framework, and has plans to open up its stock exchange within the next two years.
Some analysts say Myanmar's ongoing liberalization could cut its dependence on China. There have been protests against certain Chinese companies for their violation of environmental laws as well as disregard for local customs and traditions.
Officials say development is not a zero sum game (a situation in which one participant's gains result only from another's losses), and there is enough scope for partnership. China may have deep pockets and can lend at very low rates, but it cannot finance every project.
India's investment in Myanmar is around $275 million.
EXIM office would extend advisory services and provide support to investments by Indian companies. According to Rasquinha, Myanmar offers a lot of business opportunities in various sectors and the bank is trying to encourage Indian companies to do business there.
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