India has laid foundation for construction of port and waterway terminal of a Myanmar-India Kaladan Multimodal Transit Transport Project in Sittway township of western Myanmar's Rakhine state, local media reported Monday. The project was conerstoned in the Rakhine township Sunday, according to the official daily New Light of Myanmar. The Kaladan river project aims at promoting trade between the two countries and is targeted to complete by 2013. India stands as Myanmar's fourth largest trading partner after Thailand, China and Singapore. According to official statistics, Myanmar-India bilateral trade reached 1.19 billion U.S. dollars in the fiscal year of 2009-10, increasing by 26.1 percent from the previous year.