Kaung Myat Mingalar Company Limited and Nagaland contractor and supplier, D. Yongnyak signed a Memorandum of Understanding (MoU) on July 26 in Kolkata for supplying organic goods from Nagaland to Myanmar. Yan Fa Kyauk, Project Director of KMMC Limited informed that this year five MoUs have already been signed between Myanmar and Northeast India, mostly from Mizoram and Nagaland.
Two MoUs were signed for supplying products from the Northeast to Myanmar and three MoUs were signed for import and export of services and goods from India to Myanmar and vice versa, the Project Director added.
One MoU was signed by Shwe Naung Yan Company, which is owned by a Myanmar-based Naga businessman, and two others with Northeast Indian company and an Indian bank.
One of the projects aims at setting up an MFI (Micro Finance Institute) at Indo-Myanmar borders as well as import and export farm products like cardamom and varieties of pulses and soya bean. The director further stated that it will boost the economy of the rural and remote border areas.
Some projects are yet to start as the MoUs have not been signed, but necessary formalities are being undertaken so that they are signed as soon as possible. These projects are expected to start by the beginning of the 3rd quarter of Financial Year 2018-19.
The business fraternity in Northeast India and Myanmar said that these projects will strengthen trade bonds between the two nations.