Commerce and industry minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi’s “act east” policy seeks to “revive age-old ties” with Cambodia, Lao PDR, Myanmar and Vietnam (CLMV), so that both sides could work to strengthen each other’s trade and investment.
Speaking at the 4th India-CLMV Business Conclave, Sitharaman said that trade with the CLMV countries has grown ten times from $1.5 billion to more than $10 billion in the last decade.
She said that there is “immense potential” for investments in CMLV countries and to participate in sectors like agriculture and allied sectors, healthcare sector, renewable energy and in skill development. To catalyse investment, the commerce department has set up a Project Development Fund worth Rs 100 crore.
Rajasthan Chief Minister Vasundhara Raje said gems, jewellery and tourism are areas where Rajasthan could find “immense and immediate synergies.”