GUWAHATI (TIP): In order to increase the bilateral trade between the Northeast India and Myanmar, Export-Import Bank of India (EXIM) will open a representative office in Myanmar.
Chairman & Managing director of the bank, T.C.A Ranganathan who was in Guwahati on Wednesday said that opening of the trade link with Myanmar and transit facility with Bangladesh will open new opportunities for the organic agriculture produce of Northeast India. EXIM bank has extended line of credit to Bangladesh and Myanmar.
Exim bank has 10 offices across the country and seven offices across the world. Northeast India accounts for Rs 1000 Crore export out of which agriculture account for less than 5 percent. He said, ” We have applied for permission and expecting to start the office in next couple of months.” Bulk of the export is tea, coal and limestone.
According to Union commerce ministry the formal border trade across the Northeast is less than 1% of India’s exports. The informal trade across the borders in Manipur, Mizoram and Assam is far higher than what gets registered through the formal trade channels.