FDI Current Affairs - 2019
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PM Modi attended the 16th India-ASEAN summit held at Bangkok. The current ASEAN summit is being held in Bangkok, Thailand and the next ASEAN summit is to be conducted in Vietnam in 2020.
- India has allocated 1 billion USD as line of credit to improve physical and digital connectivity.
- India highlighted that the India-ASEAN summit, 2018 and Singapore informal summit has brought India and ASEAN closer
- India looks forward for cooperation in the areas of engineering, agriculture, science and ICT.
- India has also expressed its readiness to improve its partnership and capacity building in areas of research, agriculture, engineering, science and ICT.
- India also highlighted that it is looking forward to strengthen cooperation in the areas of blue economy and maritime security
- India believes that Act East Policy is a significant cornerstone of the Indo-Pacific Strategy
Significance of ASEAN for India
- ASEAN comprises of Singapore, Malaysia, Philippines, Indonesia, Thailand, Cambodia, Brunei, Myanmar, Lao PDR and Vietnam.
- ASEAN is India’s fourth largest trading partner. India’s trade with ASEAN stands at 81.33 billion USD.
- FDI inflows from ASEAN between 2000 and 2018 into the country has been 68.91 billion USD. The FDI outflows from India to the countries have been 38. 672 billion USD.
Tags: Act East Policy • ASEAN • FDI • Foreign Investment • India-ASEAN
The 25th Technology Summit is a bilateral platform that provides opportunities to industries, government agencies and institutes from India and other countries to interact with each other. In 2017, Canada participated in the Summit and in 2018 it was Italy. This year Netherlands has been invited. The summit acts as a forum to forge partnerships, explore new avenues and to create joint ventures to explore new avenues of collaborations to boost trade and investment. The summit is to be held in New Delhi between 15 and 16 October, 2019. It is being organised by Ministry of Science and Technology.
Next year, India has planned to take the summit globally. It intends to invite participants from different countries.
Theme: Young entrepreneurship
The 2019 India – Netherlands technology summit is being organized by DST and CII, DST-Department of Science and Technology and CII-Confederation of India Industry.
- To profile the Netherlands–India technologies
- Showcase opportunities for Netherlands and India on technology and scientific research across key areas, especially in the fields of water, agriculture and Health
- To increase the visibility of Dutch and Indian entrepreneurial ecosystem.
- To highlight the cooperation between India and Netherlands.
Significance in choosing Netherlands
The bilateral research cooperation between India and Netherlands in fields like Internet of Things, medical devices, big data, urban water system would be enhanced through the summit. There are great scopes for closer partnership between the countries to leverage emerging digital technologies.
According to the Ministry of External Affairs, there are over 200 Indian companies operating in Netherlands. It is the third largest investor in India in 2017 – 18 with investments valued at 2.67 billion USD. The top 5 sectors that are attracting FDI equity flows from Netherlands include computer, hardware, software, automobile industry, trading and fermentation industries.
The bilateral trade between India and Netherlands between April 2017 and March 2018 was around 6.28 billion USD. Netherlands is the fourth largest trading partner of India after EU, UK, Germany and Belgium.
There are around 2,35,000 Indian living in Netherlands. Of which, 2 lakh are Suriname-Hindustani community that are well integrated to the Dutch society. Apart from this there are 3,000 Indian students pursuing their masters, bachelors and research courses in various universities in Netherlands.
Outcomes of the summit
- The Indian and the Netherlands governments are to sign MoUs based on the summit and the requirements identified by it.
- New public-private partnerships between India and Netherlands
- New opportunities for fast tracked market entry for existing Dutch and Indian stakeholders.
- Solutions for societal challenges
- Deepening the ties between India and Netherlands in multiple verticals of knowledge.