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4th India-CLMV Business Conclave held in Jaipur

The fourth edition of India – CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave was held in Jaipur, capital of Rajasthan.

The two-day conference organised by Department of Commerce and Confederation of Indian Industry (CII) held deliberations on manufacturing, renewable energy, agriculture and skilling among others sectors in the region.

Key Facts
  • The conference was aimed at identifying specific project opportunities and seeks business partnerships in the region. It consisted of business to business meetings and sectorial sessions.
  • The conclave focused on sectors such as Pharma, Healthcare, manufacturing, Agri Business, Food processing, Gems and Jewellery, Textiles, Leather, Renewable Energy and education.
Background

The CLMV conclave is an annual event which provides an opportunity for Indian business leaders to interact with government and business stakeholders representing these four Southeast Asian countries. It 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 manufacturing, processing, trading, engineering, consultancy, construction etc.

Importance of CLMV countries

Cambodia, Lao PDR, Myanmar and Vietnam collectively are 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 countries and South east region as part of the ‘Act East’ policy announced by Prime Minister Narendra Modi during the 12th India – ASEAN Summit in 2014 held in Myannmar. In the last 10 years, India’s trade with the CLMV countries has grown from $1.5 billion to more than $10 billion.

CLMV Countries

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India, UAE sign 14 agreements

India and the UAE (United Arab Emirates) inked 14 agreements in various areas to boost bilateral cooperation between both countries.

These agreements were signed after delegation level talks between Prime Minister Narendra Modi and visiting Crown Prince of Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan in New Delhi.

The Crown Prince who is Deputy Supreme Commander of the UAE Armed Forces is on a three-day visit. He is chief guest of 2017 Republic Day Parade.

Agreements signed are 
  • MoU in agriculture and Allied sectors
  • Agreement on Oil Storage And Management
  • MoU for cooperation in programme exchange
  • MoU on cooperation in the field of Defence Industry
  • Agreement on Comprehensive Strategic Partnership.
  • MoU on Institutional Cooperation on Maritime Transport
  • MoU on Mutual Recognition of Certificates of Competency
  • MoU on cooperation in prevention and combating of human trafficking
  • MoU on Bilateral Cooperation in the Road Transport and Highways Sector
  • MoU on trade remedial measures to promote cooperation in areas of mutual interest
  • MoU for the cooperation in the field of Small and Medium Enterprises (SMEs) and innovation
  • MoU on mutual exemption of entry visa requirements to the holders of Diplomatic, special and Official Passports.

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Japan approves biggest defence budget

Prime Minister Shinzo Abe’s cabinet approved approved 5.13 trillion yen ($43.6 billion) in defence spending for the fiscal year starting in April 2017.

It is Japan’s highest annual defence budget announced so far. It is up by 1.4% from the initial budget for the current fiscal year. Now it will be sent to Parliament (Diet) for debate and approval.

Key facts
  • Under the new budget, Japan aims to beef up its ballistic missile defences, allocating funds for a new interceptor missile under joint development with the United States.
  • It also earmarks funds to dispatch extra personnel to the Philippines and Vietnam to increase gathering and sharing of information.
  • The funds have been increased monitoring operations and to maintain mastery of air and sea to counter attacks against “island areas” which are disputed territory.
  • Separately, Japanese Coast Guard will increase security around the islands by allocating a record 210 billion yen, which includes two new patrol ships and the hiring of 200 more personnel.
Comment

It marks the fifth straight annual increase in annual defence budget in the face of North Korea’s nuclear and missile threats and a territorial row with China. Japan is on constant alert against neighbouring North Korea, a rouge nuclear state which has conducted two underground nuclear tests and more than 20 missile launches in the year 2016. The defence budget rise also reflects the hawkish Prime Minister Shinzo Abe’s attempt to build up Japan’s military, which since World War II has been constitutionally limited to self defence. PM Abe is also pushing revisions to the pacifist constitution of Japan, strongly backed new security laws for making it possible for Japanese troops fight abroad for the first time since the end of the war.

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