India, Myanmar must conclude banking cooperation to boost trade: CII

India and Myanmar should conclude an agreement on cooperation in banking and financial services to boost flow of two-way investment and trade.

Sanjay Kirloskar, chairman of Confederation of Indian Industry Asean regional committee, said that Myanmar represents a bridge between India, ASEAN and East Asia through (India's) northeastern states and offers huge investment scope to Indian companies.

Kirloskar, who is also chairman and managing director of Kirloskar Brothers, said Indian firms see good business opportunities in Myanmar's energy, forestry and mineral sectors.

In the report, CII has recommended that border trade and investment facilitation as well as cooperation in services and technology transfer must be addressed for greater economic linkages with between the two countries.

'The two countries should conclude an agreement on cooperation in banking and financial services to enable greater private sector engagement,' CII said.

'Availability of financial services will be critical for it,' it added.

The two countries have already started negotiation for an agreement on cooperation in banking and financial services.

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