India, Myanmar ink four pacts, including BIPA

Tag : including aluminium

India will finance power transmissionlines in Myanmar, with which it has also signed an investmentprotection agreement to boost economic ties.
India and Myanmar signed four agreements today at Naypyidaw,including regular banking arrangement for border trade.

The two countries have entered into a Bilateral InvestmentPromotion Agreement (BIPA) to encourage flow of funds. The tradepact with Myanmar is India's 71st BIPA agreement.

It provides a framework for resolution of disputes, promotion andprotection of investment, extending national and Most FavouredNation treatment, repatriation of investment and returns and entryand sojourn of technical and managerial personnel, an officialstatement said here.

The agreements were signed in Myanmar in the presence of Ministerof State for Commerce and Power Jairam Ramesh and Myanmar Ministerfor National Planning and Economic Development U Soe Tha.

Under another agreement, the Exim Bank of India would extend acredit line of 64 million dollars to the Myanmar Foreign Trade Bankfor three 230 kv transmission lines. The project would be executedby Power Grid Corporation of India.

Exim Bank would also extend a credit line of 20 million dollars forfinancing establishment of an aluminium conductor steel reinforced(ACSR) wire manufacturing facility, which would be used forexpansion of the power distribution network in Myanmar. PTI