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Commerce Minister calls for strong India-CLMV vertical within ASEAN

By TIOL News Service

NEW DELHI, FEB 28, 2017: COMMERCE and Industry Minister Nirmala Sitharaman has said that trade with the CLMV countries grew from USD 1.5 bn to more than USD 10 bn in the last 10 years and expressed hope that India will be able to partner in more trade initiatives with these countries to develop a strong India-CLMV vertical within the ASEAN market. In her inaugural address at the the 4th India – CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave in Jaipur yesterday she invited both the Government and business community of these countries to actively partner in India’s initiative to strengthen manufacturing capacities,  and stated that in India there is a good scope for improving trade in sectors like health and  wellbeing, manufacturing, agriculture, fisheries, skilling amongothers.

The Minister indicated that there are clear verticals for India to facilitate trade with these countries like, organic agriculture produce from Myanmar, value added products from  coffee & pepper produce of Vietnam, two & three wheeler exports to Lao PDR etc. She highlighted that these countries can take advantage of the tremendous scope in India on skill resources across various sectors. Mr Sitharaman stated that the themes selected for deliberation during this Conclave have been carefully selected to integrate into each other’s economy.   
 
Highlighting India’s strength in health sector, she announced that India is organising a BSM-cum-exhibition in Myanmar during March 28-29, 2017. At the event, India will showcase her strengths in the healthcare verticals, viz. Pharmaceuticals, medical technology and health services.  The Minister invited all of them to participate in this event from both Government and business side.   She further emphasised India’s abilities in Agriculture, fisheries, aquaculture, skilling, solar and wind energy where India can provide a lead to the region.  She urged the business entities from the CLMV region participating in the Conclave to seal some business deals before departing to their country.

Cambodia, Lao PDR, Myanmar and Vietnam collectively, is the third largest economy in ASEAN, followed by Indonesia and Thailand.  Due to close proximity, India is looking to boost trade and investment with the CLMV region as part of the ‘Act East’ policy announced by the Prime Minister during the 12th India - ASEAN Summit in 2013. The CLMV conclave is an annual feature which provides an opportunity for Indian business leaders to interact with government and business stakeholdersrepresenting the four countries.The conclave facilitates to create and provide a platform for the decision makers from CLMV countries to interact with a range of Indian business companies involved in trading, manufacturing, processing, engineering, consultancy, construction etc.


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