MoIT Deputy Minister makes proposals to spur India-CLMV trade

Those in attendance at the event included hundreds of representatives from the CLMV countries of – Cambodia, Laos, Myanmar and Vietnam – including more than 130 representatives from the Vietnamese business community.

Hai also suggested that CLMV members create a free trade area and eliminate trade and investment barriers to each other’s businesses and proposed India provide assistance to members in developing infrastructure and cross-border transport systems.

Hai stressed the need for CV countries to simplify administrative procedures and make them highly transparent by installing modernized customs systems, and strengthen collaboration within the ASEAN-India cooperation framework.

Vietnamese Ambassador to India Ton Sinh Thanh in turn delivered reports and submitted proposals to strengthen all-round cooperation among India, CLMV nations and Vietnam, especially in economic trade and investment.

Ambassador Thanh underscored the Government of Vietnam and India have exerted great effort to accelerate bilateral and multilateral economic cooperation in recent times. However, these efforts have not matched each nation’s potential.

The diplomat also expressed his belief that Indian businesses would seize opportunities to do business with Vietnam as it has become one of the world’s most dynamic economies with high economic growth rate.

Vietnam has now taken the lead in the world in producing and exporting farm produce, garments and textiles, wood products, seafood products, electronics, mobile phones and construction materials, opening up more opportunities for Indian businesses.

Meanwhile, India has transformed into an economic powerhouse with advantages of software and nano technologies, space, cotton, fibre and chemicals. Along with the open-door policies, India has also become a huge market for exchanging goods, which should be fully tapped by Vietnamese businesses.

During the two- day session, delegates also agreed to ease the granting of visas for citizens from CLMV nations and encourage Indian tourists to travel to these nations, promote people-to-people exchange and finalize bilateral tax agreements with CLMV nations, establish an ASEAN-India Trade and Investment Centre.

Speaking at the closing session, Indian Deputy Foreign Minister Anial Wadhwa said he hoped that both sides would make great strides in accelerating the relationship between India and CLMV countries.

He said the government of India plans to launch a training centre for providing knowledge on software and teaching English at CLMV nations to better equip CLMV citizens with useful skills.

He stressed the necessity to enhance trade between India and CLMV nations, which has not been fully exploited, by strengthening geographical connectivity between India and CLMV nations.

Wadhwa also expressed hope that the Myanmar-India-Thailand tripartite highway would be linked to Vietnam in the future.