|India has stepped up investments in Myanmar, which is evident from the recent $500 mn credit announcement for various developmental projects, during the closing day of a 4-day visit of Burmese President Thain Sein. India’s move is seen as a response to China’s increasing involvement in Myanmar’s economy. SPR looked at various Indian Government programmes. To start with, the $500 mn credit follows a $300 mn credit given last year. At a meeting in September this year, the two countries also decided to double bilateral trade by $3 bn by 2015.|
|SPR Foundation did a status check on the various credits, aids that the Indian Government has allotted Myanmar in the past for various developmental projects. The Indian Government is only part funding these initiatives, most of which are far behind schedule.
|Apart from all these figures, India has a regular expenditure on Myanmar as part of the Ministry of External Affairs grants every year:
|China on the other hand is ahead, pumping in some $8 bn into Myanmar in just the last year. A Reuters report says energy projects formed the bulk of these investments, with $5 bn in hydropower and $2.15 bn in oil and gas. China also invested some $997 m in mining in the first quarter of April 2010-March 2011. Myanmar has attracted $20 bn investments in the last two decades. Of this, at least two-thirds are reportedly from China.|