CII meet to advance Indian business in CLMV nations

A two-day meet to leverage business opportunities in Cambodia, Laos, Myanmar and Vietnam (CLMV countries) organised by the Confederation of Indian Industry opens here Monday.

CII said in a statement that Commerce Minister Anand Sharma will address ministerial and business delegations from these countries at the business conclave Oct 21-22.

"The two-day conclave highlights investment potential for Indian industry in the ASEAN group of least-developed countries (LDCs) in sectors of infrastructure, agriculture, manufacturing and services, especially resources sectors and knowledge industries," CII said.

"India's current trade with CLMV countries is still much below its potential and very low both in terms of absolute value and relative share," said Chandrajit Banerjee, director general, CII.

While India's trade with the ASEAN bloc reached $76.7 billion in 2012-13, its trade with CLMV countries in the same year was just $8.53 billion. India's exports to CLMV countries accounted for $4.65 billion and imports $3.88 billion.

CLMV countries are the immediate eastern neighbours of India and represent a bridge between India and ASEAN countries, and figure prominently in the promotion of India's "Look East Policy" adopted in 1992.

Over the last 15 years India enterprises have invested over $500 million in the CLMV countries in fields like agriculture, forestry, power, oil and gas, infrastructure and IT, CII said

CII said it has identified the potential sectors of cooperation with CLMV nations as oil and gas exploration, agriculture and food processing, chemicals and fertilizers, textiles and garments, drugs and pharmaceuticals, education, healthcare, ICT, and infrastructure.