Mizzima News (www.mizzima.com)
Guwahati, 5 October 2003

The United Bank of India (UBI) has decided to open a branch in Burma in order to support bilateral trade between traders in India and Burma. According to information obtained by Mizzima from bank officials in Guwahati, the bank has already got the necessary permission from the authorities concerned.

The United Bank of India and the Myanmar Economic Bank agreed to introduce the Letter of Credit (LoC) system into Indo-Burma bilateral trade during a
meeting held in the border town Moreh on 20 and 21 September. The UBI has
organized training on the LoC system to the staff of the Myanmar Economic
Bank.

The two-day trade meeting was attended by Indian Joint Director of Foreign
Trade MK Mero from India and Burmese Chairman of the Tamu Peace and
Development Council Major Maung Maung. Officials of the United Bank of India, the Reserve Bank of India and the Myanmar Economic Bank also participated.

The UBI and the Myanmar Economic Bank have agreed to hold a meeting in the
border town of Tamu in November to work out some remaining details regarding the use of the LoC system.

Meanwhile, the IBP Company Limited, a subsidiary of the Indian Oil Corporation (IOC), is planning to export its lubricants to Burma. The General Manager of the company, B Datta, disclosed this information in
a recent press conference in Kolkata, India.