5th India CLMV Business Conclave held at Phnom Penh

The Indian Ministry of Commerce and Industry along with the Ministry of Commerce of Cambodia organized the 5th India-CLMV (Cambodia, Lao PDR, Myanmar and Vietnam) Business Conclave in Phnom Penh over May 21-22. After the first four rounds of the Business Conclave in India, this initiative was brought to Cambodia by the Indian Government’s Department of Commerce for greater participation from the region. The inaugural session of 5th India CLMV Conclave was presided over by Deputy Prime Minister of Cambodia and was attended by Suresh Prabhu, India’s Minister of Commerce and Industry.  Ministers of Commerce and Industry and Trade from Cambodia, Myanmar, Vietnam and Lao PDR also attended the Conclave. Governmental and business delegations from India, Cambodia, Myanmar, Vietnam and Laos consisting of about 400 delegates participated in the inaugural programme.

In his inaugural address, Deputy Prime Minister of Cambodia appreciated India’s efforts in organising the Business Conclave in Cambodia and called for collaboration among the CLMV countries and India on agriculture, health, tourism, education and connectivity for improved  promotion of regional integration and creation of value chain. The inaugural session was followed by plenary and country sessions which focussed on sectors such as SME, manufacturing, agriculture, plantation, fisheries and related industries, healthcare, education, information technology and skill development. The Business Conclave provided an opportunity for developing better understanding of CLMV economies which have untapped potential for development and which offer more scope for enhancement of economic engagement with India.

At the Conclave, Mr Prabhu was accompanied by a business delegation led by Naushad Forbes, President of the Confederation of Indian Industry (CII) and other prominent leaders of the India Industry. The CII served as the institutional partner for the Conclave. Mr Prabhu in his address emphasised on the need for strengthening India-CLMV business and trade relations. He highlighted the need for greater connectivity, promotion of small and medium enterprises and utilisation of opportunities in service sector, especially in health care, tourism, transportation, and logistics. At the event, Mr Prabhu also stressed upon the need to promote productivity and value addition in agriculture to address livelihood and employment issues in the region. The Commerce Minister urged Indian business leaders to make more investments in the CLMV region, considering it as a gateway to the growing ASEAN marketplace.

In order to institutionalize India’s bilateral business to business engagements with each of the CLMV countries, Mr Prabhu proposed setting up of an India Cambodia Chamber of commerce with institutional partnership between CII and the Cambodian Chamber of Commerce. He also proposed setting up of similar bilateral business forums in Vietnam and Laos. Mr 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. This will further strengthen collaboration between traders and exporters of these countries. During 2016-17, India’s bilateral trade with Cambodia, Lao PDR, Myanmar and Vietnam were recorded at US$141.2 million, US$233.1 million, US$2.2 billion and US$10.1 billion, respectively.