New Delhi, Jun 6 (KNN)  Myanmar has asked India to extend support towards promoting textile trade between the two countries with the former having a huge market for textile products.

The Union Minister of Commerce, Industry and Textiles Anand Sharma today met Chairperson of the National League for Democracy (NLD), Myanmar Daw Aung San Suu Kyi, at Nay Pyi Taw.

Suu Kyi expressed keen interest in building linkages with the textiles sector of India. Stressing the preference of the people of Myanmar for natural fiber, she said that the handloom sector of India has immense potential for Myanmar, according to an official notification.

She also asked Indian entrepreneurs to exploit the immense potential available in the handloom sector while at the same time asking India to develop a full value chain for silk production in Myanmar.

The Commerce Minister also met Myanmar Energy Minister U Than Htay and conveyed to him interest in opening Indian bank branches in Myanmar.

“India will also be happy to assist in strengthening the banking system in Myanmar as we inherit common banking laws,” said Sharma.

The two leaders also set a bilateral trade target of USD three billion by 2015.

India is interested in procuring energy, oil and natural gas from Myanmar, with the gas pipeline between India and Myanmar passing through Bangladesh.

“Our companies are interested in securing more exploratory oil and gas blocks both onshore and offshore,” Sharma told Htay.

He renewed India’s pledge to continue to assist Myanmar in the development of its infrastructural projects.

“We are encouraged by the progress that has been made on implementation of several of the decisions taken during the State visit of President of Myanmar in October 2011 and that of our Prime Minister in May 2012,” said Sharma.

The need to improve air, road and water connectivity between India and Myanmar also came up for discussion between the two Ministers.

“Joint Working Groups (JWG) to determine the technical and commercial feasibility of cross-border rail links and the commercial feasibility of direct shipping links between the two countries are working with the sole aim to boosting the trade ties between the two countries,” Sharma added.

The total trade between the two countries stood at USD 1.708 billion in 2011 while, it was USD 1.872 billion in 2012.  India is the fourth largest trading partner of Myanmar after Thailand, Singapore and China.  (KNN)