Why in news?
The 4th India – CLMV Business Conclave held in Jaipur.
What is CLMV conclave?
- Cambodia, Lao PDR, Myanmar and Vietnam collectively, 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.
- The CLMV conclave is an annual feature which provides an opportunity for Indian business leaders to interact with government and business stake holders representing the four countries.
- The conclave facilitates to create and provide a platform for the decision makers from CLMV countries to interact with a range of Indian business companies involved in trading, manufacturing, processing, engineering, consultancy, construction etc.
What is the trade scenario?
- The trade with the CLMV countries grew from $ 1.5 billion to more than $ 10 billion in the last 10 years and 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.
- 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.
- These countries can take advantage of the tremendous scope in India on skill resources across various sectors.
What is the way ahead?
- India is organising a Business Service Management-cum-exhibition in Myanmar during March, 2017.
- At the event, India will showcase her strengths in the healthcare verticals, viz. Pharmaceuticals, medical technology and health services.
- India’s abilities in Agriculture, fisheries, aquaculture, skilling, solar and wind energy can provide a lead to the region.
Source: PIB
