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With the Asian economy set to become one of the fastest growing regions, and the business environment being better in this part of the world, India’s focus on the ASEAN community, too, is increasing.
Sanjay Kirloskar, Chairman, CII-ASEAN/ANZ Regional Committee, and Chairman and Managing Director, Kirloskar Brothers, said that despite the total trade in ASEAN at $1.7 trillion, India’s trade relations with the region is still way below the potential.
India-ASEAN trade currently stands at $80 billion only.
He said this on Tuesday at a conference on India-ASEAN Project Partnership organised by CII to enhance business cooperation between India and the Association of South-East Asian Nations (ASEAN).
He said that though several Indian companies have invested in this region, there is a need for increasing the investments significantly.
Currently, about 75 per cent of India’s exports and imports to ASEAN can be accounted for by three nations — Singapore, Indonesia and Malaysia.
The association comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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