India to set up medical college, hospital in CLMV region: Prabhu

India has decided to set up a medical college and hospital in Cambodia as part of its plan to strengthen economic ties with CLMV region, Commerce and Industry Minister Suresh Prabhu said.

To promote investments, the government has created a project development fund to facilitate Indian investment in the four countries -- Cambodia, Laos, Myanmar and Vietnam (CLMV).

India is also planning to set up a multi-speciality hospital and an education institute in Myanmar, and a pharma unit in Vietnam.

"From our side, we have decided to do two projects in this region. One in Cambodia, where we will be setting up a hospital and medical college. India will be setting up this on a PPP basis. The other will also support it," he told PTI in an interview.

Prabhu said the detailed project reports (DPRS) is in the process of finalisation.

Earlier this week, the minister was in Phnom Penh, Cambodia to participate in the 5th India-CLMV Business Conclave.

He also called on Prime Minister of Cambodia Hun Sen and discussed strategies to improve connectivity, promote tourism, cooperation among small and medium enterprises, facilitating startups and investments.

The minister also held bilateral discussions with trade ministers of all the four countries, where he discussed on ways to further boost trade and investments.

Huge opportunities exists in these nations for Indian businesses, he said, adding that it was decided to establish India-Cambodia Chamber of Commerce, which would act as a platform for exchanging views between the businesses of both the sides.

"We are also creating a joint working group on trade. Government-to-government talks can happen through this group.

"India's economic ties with CLMV countries has gone from strength to strength. We will work together to strengthen this relationship across varied sectors," Prabhu said.

Better connectivity and enhanced economic integration with regional value chains are crucial for India and these countries to boost two-way trade and commerce.

India's trade with this region is over USD 11 billion at present.

These four nations are part of 10-member Asean (Association for South East Asian Nation) bloc. India has already implemented a free trade agreement with this bloc.

The country is also negotiating a mega trade deal - Regional Comprehensive Economic Partnership (RCEP).

RCEP bloc comprises 10 Asean members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade agreement partners - India, China, Japan, South Korea, Australia and New Zealand.