RANGOON - The government-backed Export-Import Bank of India (Exim Bank) on Monday opened a representative office in Rangoon with the hope of promoting trade between India and Burma.

Exim Bank said in a statement it had already extended credit totaling US$247.43 million to projects in Burma in sectors including the railways, telecommunications, power and vehicle manufacturing and assembly.

The bank, which officially opened its representative office on Bo Yar Nyunt street, Dagon township on Monday, received a license to do so from Burma’s Financial Institutions Supervision Department in June.

The move follows Indian Prime Minister Manmohan Singh’s visit to Burma in May 2012 during which India reportedly agreed to provide US$500 million for build railway and irrigation projects. India has also pledged another US$250 million for various other projects.

According to figures cited by Exim Bank, total trade between Burma and India rose by 4.1 percent to reach US$ 1.9 billion in the 2012 to 13 fiscal year.

Burma’s Border Trade Department, however, puts the figure for bilateral trade at just US$1 billion annually.

India’s main exports to Burma are pharmaceuticals, iron and steel, machinery, boilers and electrical equipment.