Deputy Minister of Industry and Trade Cao Quoc Hung said there was enormous potential for co-operation between India and four Southeast Asian members — Cambodia, Laos, Myanmar and Viet Nam (CLMV).

Hung was speaking at the fourth India-CLMV business conclave held in Jaipur City in the Indian state of Rajasthan on Monday, where he said India could support CLMV through its investments in manufacturing, business, services and infrastructure, as well as inter-regional trade, technical training and capacity improvement.

After updating participants about the Vietnamese economy and the country’s rapid integration with the global economy, Hung suggested measures to boost bilateral co-operation between India, Viet Nam and the other Southeast Asian countries towards sustainable development.

These measures included strengthening transport connectivity, trade liberalisation, further enhancing co-operation within the ASEAN-India framework by establishing the ASEAN-India trade and investment centre, and continuing India-CLMV collaboration as part of a US$100 million credit package that India has committed to CLMV.

Specifically, the two countries could promote co-operation in State management, improving capacity and institutional development.

Minister of State for the Indian Ministry of Commerce and Industry Nirmalan Sitharaman said Viet Nam and India hold great potential to collaborate in diverse areas such as garments, farm produce and pharmaceuticals.

The two-day forum, co-hosted by the Confederation of Indian Industry and the Indian Ministry of Commerce and Industry, was an opportunity for enterprises from both sides to seek partnerships and business opportunities.

Bilateral trade between Viet Nam and India rose from US$2.75 billion in 2010 to $5.1 billion in 2015, Vietnamese customs statistics showed. — VNS