Nay Pyi Taw (Myanmar), May 28 (ANI): India and Myanmar on Monday decided on a mutually agreed target of doubling the bilateral trade by 2015.

Both Indian Prime Minister Manmohan Singh and Myanmar President Thein Sein emphasized that there is considerable untapped potential for greater trade and urged the business community to capitalize on this potential.

Investments by Indian companies in areas like ports, highways, oil and gas, plantation, manufacturing, hospitality and ICT would be specifically encouraged.

In this context, the two leaders underscored the importance of the newly created trade and investment forum in enabling timely and accurate exchange of information and ideas.

They assured that both Governments would work to identify and remove various impediments to bilateral trade.

In this context, they welcomed the establishment of a representative office of the United Bank of India in Yangon as a first step in facilitating business-friendly banking transactions between the two countries.

Myanmar welcomed the proposals for the training of Myanmar officials in the banking sector by Indian banks and for cooperation in the agriculture banking sector.

Considering the vast potential for promoting trade between the two countries, both sides agreed that the Reserve Bank of India would sign an MoU with the Central Bank of Myanmar on currency arrangements between India and Myanmar in the near future.

Further, the Reserve Bank of India would also conclude an MoU with the Central Bank of Myanmar to serve as a platform for an exchange of views on issues of mutual interest.

The two sides agreed upon sharing of banking experiences and technical know-how from State Bank of India or any other bank as mutually agreed.

Both leaders urged the business community to enthusiastically participate in each other's trade fairs and also to share information on the prevailing trade and investment policies through organization of seminars and business related events in specific sectors of mutual interest.

In this context, they welcomed the organization of the first Enterprise India Show in Yangon in November 2011 by CII and UMFCCI and the decision taken to make it an annual event.

Taking into account the needs of communities residing near the border, the two leaders welcomed the decision to set up border haats along the border and the MOU agreed for this purpose.

They also noted that the decision to upgrade banking infrastructure at border trade points would also facilitate greater trade between people living in these areas.

The two leaders directed that a bilateral Border Trade Committee should be set up to implement the earlier decision that meetings would be held regularly between the border trade officials and businesspersons in Tamu-Moreh and Rhi-Zowkhathar.

The two leaders also emphasized the need for closer cooperation to further energy security.

In this context, they welcomed the signing of the Production Sharing Contract between the Government of Myanmar and the Jubilant Energy of India.

They encouraged investment by Indian companies in Myanmar oil and gas sector, including in available blocks that are being offered for investment which have good prospects. They also agreed to encourage investment by Indian companies in downstream projects in the petroleum industry.

The Myanmar President expressed his appreciation to India for undertaking the preparation of Detailed Project Reports of the Tamanthi and Shwezaye hydropower projects.

Both leaders directed their respective officials to study the contents of the DPRs and finalise the future course of action, taking into account technical, commercial and socio-environmental considerations. (ANI)