Home | China | World | Business Myanmar Uses Indian Loans in Building Bicycle Factory TUE, FEB 19, 2002     Myanmar is using 1.3 million out of 15 million U.S. dollars of loan provided by India in building a bicycle factory in Kyaukse township in northern Mandalay division, about 643.6 kilometers north of the capital of Yangon, according to the Myanmar Ministry of Industry No.1. The factory is one of the several being built by the ministry's Myanma General and Maintenance Industries (MGMI) with the Indian loans extended early last year. The bicycle factory is expected to start running in April this year and will manufacture 70 percent of the parts needed for each machine, while the rest of the components will be imported from India. The Myanmar government plans to produce 100,000 bicycles annually for its domestic market and the factory will create at least 250 job opportunities for local people, according to the MGMI. Myanmar imports about 120,000 bicycles a year from China and Thailand. Of them, those from Thailand are the most popular with a sale price of about 50,000 Kyats (about 78 dollars) per unit, while those from China cost about 35,000 Kyats (about 54.6 dollars)per unit, according to market survey. Although India's "Hero" brand is also well known for its durability, its market share in Myanmar is seen as lower compared to other brands. Meanwhile, the MGMI is also building a sewing machine plant anda textile finishing factory in the Kyaukse area using funds allocated from the Indian loan. Editor:Hope CCTV.com Recommend to your friend email:    China Central Television,All Rights Reserved