Yangon, Feb 19 (IANS): The volume of bilateral trade between India and Myanmar is expected to reach $10 billion by 2020, said an official of the Union of Myanmar Federation of Chambers of Commerce and Industry Thursday.

This was the outcome of discussion here Wednesday at the Joint Trade and Investment Forum which focused on trade promotion, cooperation between business communities in the two countries and investment potential in various sector including renewable energy, health services and infrastructure development, said the official, who did not wish to be named.

Both sides targeted $3 billion of bilateral trade volume within 2015, seeking possibilities to enhance trade and investment between the two countries, according to Xinhua.

The next Joint Trade and Investment Forum will be held in Chennai, said India's Commerce Minister Nirmala Sitharaman, who was in Myanmar in connection with the 5th meeting of the India-Myanmar Joint Trade committee in Nay Pyi Taw.

According to official figures, India's investment in Myanmar amounted to $508.426 million as of the end of December 2014, standing the 11th in Myanmar's foreign investors line-up since late 1988 when the country opened to such investment.