India & Myanmar

Lending more substance to its Look East policy, India on Friday extended a credit line of $500 million to Myanmar for infrastructure in the country which is seeing a civilian government after several decades. The announcement followed a meeting between visiting President U Thein Sein and Prime Minister Manmohan Singh during which the two countries discussed security, mainly insurgency in the north-east, and agreed to expand cooperation in the field of oil and natural gas. The announcement came even as the Myanmar president conveyed gratitude for earlier lines of credit amounting to nearly $300 million for the development of railways, transport, power transmission lines and oil refineries. Energy-rich Myanmar also agreed to encourage further investments by Indian companies from both public and private sectors in oil and natural gas. The first civilian president in almost 50 years, Sein came to India accompanied by as many as 13 ministers. The two leaders agreed on enhancing effective cooperation to tackle insurgency. Two pacts were also inked for the upgradation of hospitals in Myanmar.