India-CLMV (Cambodia, Laos, Myanmar, Vietnam) Business Conclave: All you need to know
Why in News?
The Confederation of Indian Industry, CII in collaboration with the Union ministry of commerce and industry recently organised a virtual business conclave with Cambodia, Lao PDR, Myanmar, and Vietnam. The conclave took place on December 3rd and 4th, 2020.
CLMV countries (Cambodia, Lao PDR, Myanmar, and Vietnam) act as key growth points for the ASEAN countries. It provides the region with a wider market outreach that results in preferential or free trade agreements, FTAs, with many other large economies of the world. These are considered to be helpful and needed for setting up various manufacturing units.
About the India-CLMV Conclave
- The 6th India CLMV Business Conclave was based on the theme- Building Bridges for Constructive Development
- It was held on CII HIVE which is the virtual platform of CII
- The conclave is another platform that strengthens India's cooperation with the participant countries.
- There were sectoral sessions, accompanied by a virtual exhibition that would be spread over 15 days.
- Various enterprises from India and the CLMV countries would be showcasing their products and services in agriculture, agri-food processing, farm inputs, allied services, manufacturing, automobiles, textile, and machine tools, power and clean energy, infrastructure, transport logistics, healthcare pharmaceuticals, IT, skills and education and many others.
- Commerce and Industry Minister and Railways Minister, Piyush Goyal was the chief guest at the inaugural session.
- Trade ministers from the CLMV countries were also present at the conclave.
- The two-day event had sectoral sessions, country focus sessions and participation from the government of India and the CLMV countries.
Importance of the CLMV Countries
- The countries signify the third-largest economic chunk of the world.
- India's bilateral trade has seen a rise from 1.5 billion dollars to 10 billion USD with the countries
- These countries were earlier closed economies and have low income, but are rich in natural resources like copper, natural gas, hardwood etc which can be beneficial for India
- India proposed to encourage the Buddhist Circuit tourism through a more interconnected railway system
- The setting up of the Moreh Checkpost in Manipur was also one of the highlights
- A Project Development Fund with the title PDF- CLMV Fund is to be set up with an initial amount of INR 500 Crores.
- India highlighted the construction of the Trilateral Highway between India, Myanmar and Thailand at Kaladan Multimodal Transit Transport Project for promotion of connectivity in the regions.
India-CLMV Business Conclave: Efforts and achievements
India has provided medicine and medical supplies to Lao PDR and Myanmar. Further, as a capacity building measure, Medical officers from Armed forces of CLMV countries participated in an e-ITEC Defence Medical Course on Covid-19 organised from July 6-9, 2020.
Quick Impact Project, QIP Scheme has been India's major reason for cooperation in the CLMV (Cambodia, Lao PDR, Myanmar & Vietnam) countries since 2015. 29 projects were completed in CLMV countries since the project's inception.
As of now, 39 projects are under implementation and 25 projects have been sanctioned in 2020.
A new area of cooperation namely Water Resource Management has also been added under which 7 projects would be done in Vietnam to build infrastructure for efficient water management in various drought-prone areas of the country.