Bilateral business partnerships between India and the CLMV countries will intensify as these economies integrate with the global value chains. Stating this in his address at the valedictory session of ‘The Business Conclave: Cambodia, Laos, Myanmar, Vietnam (CLMV)’ on ‘Creating New Economic Opportunities’, organised by Confederation of Indian Industry (CII) in New Delhi, Mr S R Rao, Commerce Secretary, Government of India, said that in the emerging global economic order, India could partner with CLMV countries in various value-added economic activities.
Mr Rao said that India could also provide the knowledge and expertise to the CLMV countries to strengthen their respective service sectors. He assured the visiting delegates from the CLMV countries that India will complement and not compete with the CLMV economies. He expressed hope that the India-ASEAN FTA in trade in services and investment will be concluded by December this year.
Mr Rao also informed that Mr Anand Sharma, Minister of Commerce & Industry. Government of India, has evinced keen interest in making this business conclave an annual event.
Mr Kikeo Chanthabury, Head of Cabinet Office, Ministry of Planning & Investment, Lao PDR, invited Indian business to tap the vast opportunities investment in Lao PDR. Stating that India is currently the 10th largest investor in the country, he expressed hope that India would move into the top 5 bracket in the coming years. He made a special mention of hydropower development as a key investment opportunity for Indian companies. Lao PDR has hydropower capacity of 26,000 MW, whereas the installed capacity is just 7,000 MW as of now.
Mr Chanthabury urged the Indian public sector enterprises and financial institutions to back Indian private companies in Loa PDR, and added that greater private investments will also pave the way for improved connectivity between the two regions.
Mr Hou Taing Eng, Secretary of State, Ministry of Planning, Cambodia, invited Indian companies to invest in four key pillars of development of Cambodian economy – roads, energy, electricity and water supply, and human resources development.
Mr Sanjay Kirloskar, Chairman CII-ASEAN & ANZ Regional Committee, underlined the importance of improving connectivity between India and CLMV countries. He said the conclusion of the India-ASEAN FTA in trade in services and investment will provide significant impetus to India-CLMV bilateral trade and investment flows.
Mr Chandrajit Banerjee, Director General, CII, said in his opening remarks that businesses on both sides will benefit if an India-CLMV Forum can be set up. He said that CII will consider sending sector-specific business delegations to the CLMV countries to leverage the emerging bilateral partnership opportunities.
The government officials and industry representatives from CLMV countries and participants from Indian industry highly appreciated the platform provided by the first ever India-CLMV Business Conclave.