Indian companies in sectors like textiles, agri equipment, pharma and automobile have a huge opportunities to set up manufacturing units in Southeast Asian countries like Cambodia, Laos and Myanmar, Union Minister Nirmala Sitharaman said today. The CLMV nations (Cambodia, Laos, Myanmar and Vietnam) enjoy duty benefits under the Generalised Scheme of Preferences (GSPs) of developed countries like the US and EU and this can be an attractive incentive for domestic units to set up manufacturing facilities there.
The Commerce and Industry Minister said: “There is an immense potential for us to tap these nations.” She was here for the 4th India-CLMV Business Conclave, organised by CII. She also said that these four countries are covered under the India-Asean free trade agreement and “Indian manufacturers could better utilise this agreement”. Addressing businessmen from both the sides, she said companies from both the regions can increase collaborations in sectors like skill development, agri equipment, plantation crops (coffee and pepper), two and three wheelers and pharma.
Speaking at the conclave, Rajasthan Chief Minister Vasundhara Raje said the state holds huge potential for both domestic and foreign investors. “Rajasthan welcomes any investment queries from CLMV region,” she said, adding areas where both the sides can enhance cooperation include manufacturing, textiles, pharma, fishery and healthcare. Chhuon Dara, Secretary of State, Ministry of Commerce, Cambodia, said the bilateral trade between India and CLMV has increased multi-fold in the last one decade.
He said CLM is an ideal place for setting up manufacturing units. Cao Quoc Hung, Vietnamese Vice Minister of Industry and Trade, too said that both the regions can increase engagement in areas like mining and oil & gas and enhance ties in connectivity.