Myanmar company, Naga supplier sign MoU

A Memorandum of Understanding (MOU) was signed between Kaung Myat Mingalar Company Limited (KMMC) and contractor & supplier from Nagaland, D. Yongnyak on July 26 in Kolkata regarding supply of organic goods from Nagaland to Myanmar.

A press release from KMMC project director U Yan Fa Kyauk stated that this year alone five MoUs have been signed between Myanmar and states of North East (NE) India, mostly from Mizoram and Nagaland. Two MoU were signed to supply products from the North East to Myanmar and three MoU were signed for import and export of services and goods from India to Myanmar and vice versa.

One was signed between Shwe Naung Yan company, owned by a Myanmar based Naga businessman, and two North East Indian companies with an Indian Bank. The project aims at setting up an Micro Finance Institute (MFI) at the Indo-Myanmar borders as well as begin import and export of farm products like cardamom, varieties of pulses and soya bean. This, the release said, will boost the economy of the rural and remote border areas.

Citing sources, the press release further added that, some of the projects were yet to start as the MoUs have not been signed, but necessary formalities are being undertaken so that they are signed as soon as possible. These projects are expected to start by the beginning of the 3rd Quarter of Financial Year 2018-19.

The North East India and Myanmar businessmen acknowledged and thanked the Myanmar Government, Myanmar Embassy & Myanmar Consulate and Nagaland chief minister Neiphiu Rio for facilitating the signing of the MoUs.

The managing director of KMMC Limited also thanked one U Wang Yu. It mentioned that for a while, all business done between Myanmar and North East India has been done through U Wang Yu and all the five MoU signed this year had also been signed through him.
Source: Nagaland Post

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