The Confederation of Indian Industry (CII) in association with the Department of Commerce, Ministry of Commerce & Industry, and Government of India organised the 3rd India – CLMV Business Conclave at Mamallapuram, Tamil Nadu. The topic for the conclave was, “India – CLMV Economic Integration: Developing Regional Value Chains”.
Ministers from all four respective CLMV (Cambodia, Laos, Myanmar and Vietnam) countries led the delegations comprising officials and business people. Also present were heads of five provinces of Vietnam. Ms. Nirmala Sitharaman, Honourable Minister of State for Commerce and Industry (Independent Charge), Government of India inaugurated the event.
This Business Conclave served as a platform to:
- interact with ministerial and business delegations from the CLMV countries
- identify specific project opportunities, and
- initiate the way forward
With participants from different sectors taking part in the conclave, Tractors and Farm Equipment Limited (TAFE) also participated in this event representing the farm machinery sector. Mr. Chandramouli – Business Head, International Business Unit (IBU), Mr. Shiva N. T. from IBU and Mr. Sukhdeep Grover from Emerging Export Market (EEM) were present, representing TAFE at the conclave.
Cambodia, Laos, Myanmar and Vietnam have tremendous potential for development; hence, receiving special focus within the ASEAN region. Socio-economic conditions of CLMV countries and their proximity to India provide opportunities of mutual benefit. The Indian government is undertaking various initiatives to establish multi-pronged economic and business relations with the CLMV countries, thereby providing a boost to the “Act East Policy”. Better economic integration among ASEAN countries will encourage the Act East Policy which essentially begins with these four countries.
Ms. Nirmala Sitharaman in her address, said, “The trade links and ties between India and the CLMV countries can be much better, and the two governing principles, connectivity and economic integration with regional value chains are crucial.” The need for improving road, air, and sea links was emphasized to allow businesses to fully utilize benefits of Free Trade Agreement (FTA). Speakers emphasised the need for developing the regional value chains in CLMV region and India to be a part of the regional value chains. The backward and forwards linkages are expected to boost the Indian exports and also secure source for raw materials. Further integration of the India – CLMV partnership with global value chains was also emphasized.
From TAFE’s perspective, the conclave prepared a foundation for the organization to play a more prominent role in ushering in farm mechanization in these countries.