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Room to boost India-CLMV trade
May 22, 2018
India’s trade relations with Cambodia, Laos, Myanmar and Vi?t Nam (CLMV) have immense potential to flourish, said Deputy Minister of Industry and Trade Cao Qu?c Hung.
Hung delivered this remark during the opening ceremony of the fifth India-CLMV Business Conclave in Phnom Penh, Cambodia on Monday.
Close geographic distance, fast-growing economies and large and young populations have aided trade ties between India and CLMV countries, Hung said.
These economies can support and complement each other.
India has strengths in capital, technology, new energy, renewable energy, education, pharmaceuticals and hi-tech products, while CLMV countries have advantages in textile and garments, footwear, farm produce, wood, minerals, vegetables and machinery parts.
They can also help each other penetrate deeply into larger markets, he added.
In his speech at the event, Hung proposed several measures to accelerate economic and trade relations between India and CLMV countries.
Among them included improving the transport infrastructure connectivity, with a focus on bettering the connectivity of the northeastern of India and Myanmar – two important links to connect India and CLMV countries.
Top priority should be given to harmonising trade and investment policies and finance regulations between these four countries and facilitating the exchanges of professionals, he said.
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Agricultural & Processed Food Products Export Development Authority
(Ministry of Commerce & Industry,
Govt. of India)
NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
Phone : 91-11-26513204, 26514572, 26534186
Fax : 91-11-26526187