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To help Indian business explore economic opportunities in Cambodia, Laos, Myanmar and Vietnam (CLMV) which could serve as a gateway to China and the European Union, the Union Cabinet has given its go-ahead for a Project Development Fund (PDF) with a corpus of Rs 500 crore
“CLMV countries have a unique position in the regional value chains and offer a gateway for market access to China, EU and other countries due to various trade agreements. It could help in securing on a long-term basis, a dedicated market for Indian raw materials and intermediate goods besides a dedicated source for inputs and raw materials for Indian industry,” an official release said.
The fund could be used to carry out a variety of activities including feasibility studies, acquiring land or getting clearances, a government official told BusinessLine .
The CLMV countries, as part of the ten-member ASEAN grouping, has a number of FTAs with countries such as China, the EU, Japan, South Korea, New Zealand and Australia. “Once Indian investments are made in these countries, the investors can have access to the markets of their FTA partners on preferential terms,” the official said.
The PDF will be housed in the Department of Commerce, operated through the EXIM Bank and governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary, as per the Cabinet decision taken on Wednesday.
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