The Union Minister of Commerce, Industry & Textiles Shri Anand Sharma today met Mr. U Myat Hein, Minister of Communications and Information Technology, Myanmar, in Nay Pyi Taw. Both the Ministers discussed the selection process for telecom companies which is going on in Myanmar. Keeping in mind the geographical contiguity and strategic interest, Shri Sharma said that the bids of the shortlisted Indian companies may seriously be considered. Mr. U Myat Hein conveyed Shri Sharma that he had full faith in the capacity of the Indian companies to compete in the process, which he assured, will be fully transparent and open.

The two Ministers also discussed investment related issues. Shri Sharma conveyed to the Myanmarese Minister that both the countries have potential for future collaboration in oil and gas exploration, infrastructure, IT, pharmaceutical, manufacturing and education and skill development. Shri Sharma said that over the next few years, “we will see an investment of around USD 2.6 billion from India to Myanmar.” India is the tenth largest investor in Myanmar with an investment estimated at USD 273.5 million.

Later in the day, Shri Sharma met Mr. Mr. Jon Fredrik Baksaas, President and CEO, Telenor Group. Mr. Baksaas conveyed Telenor’s commitment to stay engaged in India and improve its presence in India. Telenor President also communicated his appreciation for the Government’s intervention to work out a solution for the protection of the investment of the telecom companies. “This has been reassuring for Telenor and other investors,” said Mr. Baksaas to Shri Sharma. Mr. Baksaas also raised the issue of the pending matters on their investment. Shri Sharma assured Telenor President that the same would be expedited with the relevant authorities.

DS/RK

(Release ID :96465)

Investment protection and telecom selection process: reassurance of transparent bidding and expedited resolution of investor concerns. The document reports discussions on the ongoing selection process for telecom companies in Myanmar with assurances of transparency and calls for serious consideration of Indian bidders; it also records bilateral exploration of investment collaboration across multiple sectors and a commitment to address investor concerns, including protection of investment and expedited resolution of pending matters raised by Telenor.