India pledges financial support for Myanmar's energy projects

Lauding Myanmar's "transition towards democratic government", India Friday announced $500 million for a host of developmental projects including energy investment for the Southeast Asian nation.

Amid Myanmar's deepening ties with China despite some problems over the suspension of a China-backed dam, New Delhi rolled out the red carpet for Myanmar President U. Thein Sein, who was accorded a ceremonial reception at Rashtrapati Bhavan, the presidential palace.

Manmohan Singh held talks with Myanmar's reformist president, who is on his maiden visit to India after taking office six months ago, on a host of issues, including the intensification of economic, energy and security cooperation between the two countries.

Marking a major upsurge in bilateral ties, Manmohan Singh announced a $500 million line-of-credit to Myanmar for a slew of development projects, including irrigation, taking the total soft loan assistance to over $800 million.

In the energy sector, where China has stolen a march over India, Myanmar invited "further investment from Indian state-run and private sector companies in off-shore and on-shore blocks and construction of natural gas pipelines".

Significantly, Manmohan Singh congratulated Thein Sein on steps taken by him to spur "the transition towards democratic government" and offered all necessary assistance in further strengthening this democratic transition "in an inclusive and broadbased manner".

Manmohan Singh welcomed the ongoing efforts at political, economic and social reform in Myanmar and "expressed readiness to share India's own experiences in evolving parliamentary rules, procedures and practices", said the statement.