Joint Secretary in the Commerce Ministry, Ravi Capoor said the Ministry has taken a "huge step" to launch the CLMV fund and was looking at large investments in CLMV countries.
India's trade relation with Cambodia, Laos, Myanmar and Vietnam (CLMV) countries has immense potential, and "connectivity" and "economic integration" with regional value chains were crucial in this regard, Union Minister Nirmala Sitharaman said on Tuesday.
"The trade links and ties between India and CLMV countries can be much better. The two governing principles -connectivity and economic integration- with regional value chains are crucial", Sitharaman said at the inauguration of CLMV Business Conclave organised by CII and Ministry of Commerce and Industry here.
"India's trade with the CLMV countries is over $11,000 million and there is immense potential. The tri-lateral highway, The Act East policy by Prime Minister Narendra Modi, port connectivity move in that direction", she said.
She pointed out a study conducted by Ministry of ExternalAffairs that there was huge potential of about $100 billion of additional export to the CLMV countries. Stating that there was need for banks to establish branches in CLMV countries, she said, "while Foreign Direct Investments were falling (globally), India had 38% growth".
Joint Secretary in the Commerce Ministry, Ravi Capoor said the Ministry has taken a "huge step" to launch the CLMV fund and was looking at large investments in CLMV countries.
"We see problems in connectivity, banking, physical movement of people in trade and business collaborations. We are also looking at physical land connectivity to CLMV countries through North East", he said.
H E Sun Chanthol, Senior Minister and Minister of Commerce of the Kingdom of Cambodia said the trade investment between India and ASEAN countries were "crucial" since CLMV countries constitute about 32% of ASEAN region.
"CLMV countries and India should work together to strengthen the strategic partnership to reduce the poverty.", he said.
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