'Construction of ICP in Moreh will start'
Source: Hueiyen News Service

Imphal, May 10 2011: In order to improve the decades old Indo-Myanmar border trade,an Integrated Check Post(ICP) will constructed within six months time at the border town Moreh in Manipur.

Informing this Principal Secretary (Commerce & Industries) O Nabakishore while speaking at the importer-exporters meet here on Monday night said a land measuring around 45 acres has been acquired for the project.

He also informed that Union ministry of Commerce has also introduced Export Development Fund(EDF) for the North East traders and entrepreneurs.The officer opined that every possible measures should be adopted to clear procedural hurdles in order to facilitate growth of the border trade volume, which he described as average at the juncture.

Compared to only 40 items approved for trade between India and Myanmar, there are 11,592 items listed for trading between Myanmar and China, whereas Myanmar-Thailand trade pact covers 36,699 items.

Moreover, there are 63 items enlisted for trade between Myanmar and Bangladesh, he added.

Besides though formal trade volume between the India and Myanmar was not encouraging,people here are still getting the benefit from the informal trade volume.

According to state's commerce and industries department sources,the total trade volume was estimated at Rs 29,81,92,391 including an export volume of about Rs 21,50,40,000 in 2009-2010 .

The Bank officials attending the meet also called upon the state's traders to open Letter of Credit(LoC )accounts to utilise the facility .They also noted that the Myanmar traders are yet to comprehend practicality or benefits of LoC.

Deputy General Manager of Reserve Bank of India (Import-Export) A Bhaskar Rao and officials of UBI also attended the meet after their day long trip to Moreh.

Traders had demanded more UBI ATM booths in the state besides having one at Moreh.They also want waiving of cash handling charge and to ease restrictions on ceiling with regard to deposit or withdrawal of cash from the said bank.

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