Yangon: The first ever "Made in India" exhibition showcasing the country's modern products and technologies opened in the Myanmar capital today (Feb 19, 2004) with the two countries hailing it as another step towards strengthening the growing ties between the Asian neighbours.

Inaugurating the exhibition at the Yangon Trade Centre, Myanmar's Commerce Minister Brig Gen Pyl Sone said, "Holding trade fairs was an effective way of trade promotion."

He also noted that India and Myanmar were part of the BIMST-EC economic grouping.

Commenting on the fast growing relations between the two countries, Brig Sone said, "Besides promoting normal trade it is imperative to promote border trade between India and Myanmar."

India's envoy to Myanmar R K Bhatia said the fair was aimed at showcasing India's products, technologies and capabilities to sensitise those interested about the possibilities of further cooperation between India and Myanmar and to strengthen existing business relationships and create new ones.

He said that the growing ties between two neighbours was evident by the conclusion of seven new agreements along with several Ministerial visits between them.

"There is not only compatibility but considerable synergy between India's "Look East Policy" and Myanmar's "Look Around Policy", as put by its Foreign Minister Win Aung, meaning a special focus on strengthening relations with its neighbours," he said.

Bilateral trade between Myanmar and India has significantly gone up from $ 12.4 million in 1980-81 to $ 427.9 million in 2001-2002. Both the countries have pledged to increase the annual trade over to $ one billion by 2006.

"There are many potential areas to be exploited between the two countries and if these can be channelled directly without involving any other third country, the target of one billion dollars can be reached easily," Pyi Sone told over 200 people who came to see the trade fair.

The fair would bring together private sectors of both countries to promote bilateral economic cooperation, he said adding India was one of Myanmar's major trading partners.

Noting that ties between the two countries was steadily growing since the signing of treaties and agreements in 1959, Secretary in the Indian Department of Industrial Policy and promotion Commerce and Industry Ministry, Lakshmichand said that the Indian economy had made rapid strides.

A 30-member business delegation led by Rajive Kaul, former President of CII (Confederation of Indian Industries) is here networking and exhibiting at the four-day fair.

Seventy companies are displaying their products including Usha, RITES, GAIL and Atlas cycles.

Kaul said CII's aim was to showcase the changing face of India and said the show was an ideal forum for developing new linkages and associations.

One of the fair's unique features was the participation by 20 companies from Northeastern India, he said adding, "Myanmar and India are on the verge of a new era of economic cooperation."