Cambodia Current Affairs
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The 5th India-CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave was held at Phnom Penh, Cambodia. It was jointly organised by Ministry of Commerce & Industry along with Ministry of Commerce of Cambodia. The Confederation of Indian Industry (CII) is institutional partner of the event.
The business conclave provided opportunity for developing better understanding of CLMV economies which have untapped potential for development and offer more scope for enhancement of economic engagement with India. It saw participation of ministerial and business delegations from India, Cambodia, Myanmar, Vietnam and Laos consisting of about 400 delegates.
The conclave called for collaboration of CLMV countries and India on agriculture, health, tourism, education and connectivity to promote regional integration and creation of value chain and emphasised need for strengthening India-CLMV business and trade relations.
The sessions of conclave focussed on sectors such as SME, manufacturing, agriculture, plantation, fisheries and related industries, healthcare, education, information technology and skill development. It also highlighted need for greater connectivity, promoting small and medium enterprises, harnessing opportunities in service sector especially health care, tourism, transportation and logistics. It also stressed upon need to promote productivity and value addition in agriculture to address livelihood and employment issues.
India proposed setting up of India-Cambodia Chamber of commerce with institutional partnership between CII and Cambodian Chamber of Commerce. Such similar bilateral business forums will be also setup in Vietnam and Laos to institutionalize bilateral business to business engagements of India with each of CLMV countries.
CLMV region is considered as India’s gateway to entire ASEAN and provides access to huge markets of these countries. These four countries represents rapidly growing economy with rising consumption, strategic location and access, rich natural resources (oil, gas, copper, teak and gemstones), biodiversity and industrious workforce with low wages. They also offer significant opportunities for trade in goods and services, investment and project exports. India seeks to invest in CLMV countries (which are part of 10-member ASEAN group) to take advantage of free trade agreements they have with various countries such as China.
The Union Cabinet has given its approval to create a Project Development Fund (PDF) for catalysing Indian economic presence in the CLMV countries viz. Cambodia, Laos Myanmar and Vietnam.
The PDF will have corpus of Rs 500 Crore and shall be housed in Department of Commerce. It will be operated through the EXIM Bank.
- The PDF will be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary.
- It will benefit India’s industrial community for business expansion in the CLMV countries.
- Besides it will also help to maintain cost competitive supply chains, besides integrating with global production networks.
- CLMV countries namely Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains in Southeast Asia region.
- These countries offer a gateway for market access to China, European Union and other markets due to various trade agreements.
- Thus, creation of Project Development Fund (PDF) will give key advantage position to India in securing regional value chains on a long term basis.
- Besides, it will provide a dedicated market for Indian raw materials and intermediate goods and also a dedicated source of raw materials for Indian industry.