New Delhi, May 25 (KNN) Commerce and Industry Minister Suresh Prabhu urged Indian business leaders to make more investments in the CLMV region, considering it is a gateway to the entire ASEAS and provides access to huge markets of these countries.

He was speaking at the 5^th edition of India-CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave held in Phnom Penh, Cambodia on May21-22, 2018.

The two-day conference was organized by the Ministry of Commerce & Industry, Government of India along with Ministry of Commerce of Cambodia. The Confederation of Indian Industry (CII) is the institutional partner of the event.

Deputy Prime Minister of Cambodia appreciated India’s efforts in organizing the 5th India CLMV Business conclave in Cambodia and called for collaboration of CLMV countries and India on agriculture, health, tourism, education and connectivity for promoting regional integration and creation of value chain.

Speaking at the occasion, Commerce Minister Suresh Prabhu emphasized on the need for strengthening India CLMV business and trade relations.

Further, he highlighted on the need for greater connectivity, promoting small and medium enterprises, harnessing the opportunities in service sector especially health care, tourism, transportation, and logistics. 

To address the livelihood and employment issues, he stressed upon the need to promote productivity and value addition in agriculture.

Moreover, Prabhu proposed setting up of an Indian Cambodian Chamber of commerce with the institutional partnership between CII and Cambodian Chamber of Commerce in order to institutionalize the bilateral business to business engagements of India with CLMV countries.

He also proposed setting up of similar bilateral business forums in Vietnam and Laos.

Suresh Prabhu also announced expanding funding support to the India CLMV business conclave and for holding India CLMV business expositions every year beginning from next year to strengthen the collaboration between traders and exporters of these countries.

The conclave focused on sectors such as SME, manufacturing, agriculture, plantation, fisheries and related industries including healthcare, education, information technology and skill development.

The Conclave provided the platform to the Indian business to develop a better understanding of CLMV economies which have untapped potential for development and which offer more scope for enhancement of economic engagement with India.