India and Myanmar signed 11 agreements in a range of sectors, including one on maritime security cooperation, to further strengthen their multifaceted partnership.
Today, Modi focused on the need for the two countries to cooperate more deeply in securing their long and porous border - an emphasis Suu Kyi shared when she spoke.
Myanmar's de-facto leader Aung San Suu Kyi has claimed that the crisis in Rakhine state is being distorted by a "huge iceberg of misinformation", media reports said on Wednesday.
Aung San Suu Kyi has also come under under pressure from countries with Muslim populations.
The first such MoU between the two neighbours assumes significance for the northeastern region of the country.
Union minister Kiren Rijiju on Tuesday said Rohingyas are illegal immigrants and will be deported.
■ "Meeting a valued friend". Raveesh Kumar, External Affairs Ministry spokesperson, had tweeted a few images of Kyaw welcoming Modi.
Violence against Rohingya Muslims in Burma's northwestern Rakhine state has sent almost 125,000 of them fleeing over the border to Bangladesh in just over 10 days.
Besides Modi, present at the event were Myanmar President U Htin Kyaw and State Counsellor Daw Aung San Suu Kyi. He is expected to raise the issue of the exodus of the ethnic Rohingyas into neighbouring countries.
Modi reached Nay Pyi Taw on the final leg of his two- nation visit after attending the BRICS Summit in China. It is his first bilateral visit to the country; it is a very important neighboring country.
Modi said, "we hope that all stakeholders together can find a way out in which unity and territorial integrity of Myanmar is respected", he said, adding "peace, justice, dignity and democratic values for all" can be achieved.
Burmese officials blamed Rohingya militants for the burning of homes and civilian deaths, but rights monitors and Rohingya fleeing to Bangladesh say the Burmese army is trying to force them out with a campaign of arson and killings.
India and Myanmar were also looking at strengthening existing cooperation in areas of security and counter-terrorism, trade and investment, infrastructure and energy, and culture, Modi had said ahead of his visit.