Indian companies seek to wrest business from Chinese firms in the world's 'next economic frontier'
MYANMAR, called Asia's "next economic frontier" by the International Monetary Fund, is the new battleground for Indian companies seeking to wrest business from Chinese firms.
Export-Import Bank of India, the state-controlled trade financing institution, has pledged US$800 million in Myanmar, which includes funds to upgrade the Yangon-Mandalay railway and a plant for Tata Motors to assemble vehicles in the South-east Asian nation, Executive director david Rasquinha said. China, which has beaten Indian companies in the race to invest in energy assets from Kazakhstan to Venezuela, has agreed to lend more than US$2.4 billion in Myanmar.
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