India received a total of Rs 10.75 lakh crore in Foreign Direct Investment in the last 14 years out of which 1.39 lakh crore came from 10-nation ASEAN grouping, considered one of the world's fastest growing regions. Replying to a question in Rajya Sabha, Minister of State for External Affairs, Gen (retd) V K Singh said Indian investment in ASEAN countries during the period was Rs 1.54 lakh crore.
"FDI equity inflows received from ASEAN countries during April 2000-May 2014 were Rs 1.39 lakh crore which represented 12.55 per cent of the cumulative FDI inflows (Rs 10.75 lakh crore) received during this period," Singh said. There has been significant progress in ties between India and ASEAN in the last few years in diverse sectors, particularly in trade and commerce. The bilateral trade grew by 4.6 per cent from USD 68.4 billion in 2011 to USD 71.6 billion in 2012. ASEAN's exports were valued at USD 43.84 billion and imports from India amounted to USD 27.72 billion in 2012. The target has been set at USD 100 billion by 2015 for ASEAN-India trade.
Singh said the government was continuing to build on the existing strategic partnership between ASEAN and India in a comprehensive manner. The foreign ministers are due to meet in Myanmarese capital Nay Pyi Taw next month and would exchange ideas on further strengthening of the partnership, he said. The key members of ASEAN block include Brunei, Cambodia, Indonesia, Myanmar, Singapore, Thailand, Philippines and Vietnam. India and the ASEAN have already implemented a free trade agreement in goods and are set to widen its base and include services and investments. The India-ASEAN Trade in Goods Agreement was signed in August 2009 and it came into force on January 1, 2010.