Economy

CLMV region provides huge opportunity for India: Sitharaman

Our Bureau Chennai | Updated on January 19, 2018

Regional ties Nirmala Sitharaman, Commerce and Industry Minister, with (from left) Somchinth Inthamith, Vice-Minister of Industry and Commerce, Lao PDR; Sun Chanthol, Senior Minister, Ministry of Commerce, Cambodia; Pwint San, Deputy Minister, Ministry of Commerce, Myanmar; and Nguyen Cam Tu, Deputy Minister, Ministry of Industry and Trade, Vietnam, at the third India- CLMV Business Conclave, at Mamallapuram, near Chennai, on Tuesday - Photo: BIJOY GHOSH

Banks urged to set up branches there to facilitate trade

Indian banks have to establish networks in Cambodia, Laos, Myanmar and Vietnam to enable companies here to expand businesses in the region, said Commerce Minister Nirmala Sitharaman. The CLMV countries within the ASEAN present a huge opportunity for Indian investors and business. Indian banks will have to set up a branch network to facilitate trade and provide business comfort, she said.

To drive Indian investments in the region, the Government will establish a project development fund focussed on CLMV countries. Special purpose vehicles will be set up to carry forward projects identified through feasibility studies.

Addressing the 3rd India – CLMV Business Conclave, organised at Mamallapuram, about 50 km South of Chennai, she said connectivity and integration of Indian manufacturing with local value chain there will prove mutually beneficial.

Improving connectivity by air, sea and road is key to strengthening trade ties and India is committed to the Trilateral Highway linking the North East with Myanmar and Thailand.

Negligible investments

Sun Chanthol, Cambodia’s Senior Minister for Commerce, said Indian investments in the regions were negligible. The CLMV market with a population of 165 million and growing income is a huge opportunity. Cambodia has eased its investment laws and businesses can register a company online in one hour.

Mineral resources

Somchith Inthamith, Vice-Minister of Industry and Commerce, Laos, said the country is keen on tapping the mineral resources which present on opportunity for India.

Pwint Sam, Deputy Minister, Ministry of Commerce, Myanmar, said the country is focussing on logistics and infrastructure. Foreign investment laws and special economic zone laws encourage investors.

Nguyen Cam Tu, Deputy Minister of Industry and Trade, Vietnam, said the country looks to India to further integrate with the ASEAN.

Published on January 12, 2016

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