Trade with CLMV countries grows to $10 bn: Sitharaman

Minister of State for Commerce & Industry Nirmala Sitharaman addressing at the 4th India-CLMV Business Conclave, in Jaipur on February 27, 2017.

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Rituparna Kakati | 28 Feb, 2017
India's trade with Cambodia, Laos, Myanmar and Vietnam or CLMV countries has grew from USD 1.5 bn to more than USD 10 bn in the last 10 years, said Commerce and Industry Minister Nirmala Sitharaman on Monday

In her inaugural address at the the 4th India – CLMV Business Conclave in Jaipur commerce minister Nirmala Sitharaman expressed hope that India will be able to partner in more trade initiatives with these countries to develop a strong India-CLMV vertical within the ASEAN market.

She invited both the Government and business community of these countries to actively partner in India’s initiative to strengthen manufacturing capacities, and stated that in India there is a good scope for improving trade in sectors like health and well-being, manufacturing, agriculture, fisheries, skilling among others.

Cambodia, Lao PDR, Myanmar and Vietnam collectively, is the third largest economy in ASEAN, followed by Indonesia and Thailand.

Due to close proximity, India is looking to boost trade and investment with the CLMV region as part of the 'Act East' policy announced by the Prime Minister during the 12th India - ASEAN Summit in 2013.

The Minister indicated that there are clear verticals for India to facilitate trade with these countries like, organic agriculture produce from Myanmar, value added products from coffee& pepper produce of Vietnam, two & three wheeler exports to Lao PDR etc.

She highlighted that these countries can take advantage of the tremendous scope in India on skill resources across various sectors. Smt. Sitharaman stated that the themes selected for deliberation during this Conclave have been carefully selected to integrate into each other’s economy.

Highlighting India’s strength in health sector, she announced that India is organising a BSM-cum-exhibition in Myanmar during March 28-29, 2017.

At the event, India will showcase her strengths in the healthcare verticals, viz. Pharmaceuticals, medical technology and health services. The Minister invited all of them to participate in this event from both Government and business side.