Top Indian companies are preparing to invest $2.6 billion in a number of industries in Myanmar, including telecommunications, energy and aviation, up from the current $273.5 million, Eleven Myanmar reported.

Indian companies that are already present in Myanmar are state-owned ONGC Videsh Limited, Jubilant Oil and Gas, Century Ply, Tata Motors, Essar Energy, Sonalika Tractors, Sun Pharmaceuticals Ltd, Ranbaxy, Shree Cements and others.

To boost investment and bilateral trade relations, the India-Myanmar Joint Trade Committee has been set up recently, which is co-chaired by Bharti Enterprise CEO Sunil Bharti Mittal.

Out of Myanmar's total trade volume of over $18 billion, India accounted for around 7.5 percent in fiscal year 2011-12. With that number, India currently is behind China, Singapore, Thailand and Japan in exports to Myanmar.

India-Myanmar bilateral trade has expanded significantly from $12.4 million in 1980-81 to $1.07 billion in 2010-11. With Myanmar exports to India at more than three times its import value, trade balance has been in favour of Myanmar in the last several years.

In the oil and gas sector, the Myanmar government has shortlisted 59 companies for submission of final bids for 18 onshore gas blocks on offer. Seven Indian companies are part of those shortlisted. OVL and GAIL have already announced $1.33 billion investment in China-Myanmar gas pipeline project. The construction of two parallel pipelines for gas and oil has been awarded to India's Punj Lloyd. It involves an investment of $475 million for building the 200 kilometer-long Kyaukphyu-Kunming oil and gas pipeline.

Jubilant Energy India has also won the government's contract worth $73 million for exploring an onshore block in Central Myanmar.

India has urged the Myanmar government to revive discussions on the gas pipeline connection between India and Myanmar through Bangladesh. For this, the Indian government has recommended Essar Ltd.

India is also involved in Myanmar's infrastructure development, like building inland waterways and the upgrade of the Sittwe Port. Shipping Corporation of India Ltd. has completed a feasibility study to start a liner service between India and Myanmar.

By Arno Maierbrugger

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