There are huge opportunities for southeast Asian companies to increase investments in India in areas such as medical devices, fishing and ship-building, Minister of State for Commerce and Industry C R Chaudhary said on February 22.
To enhance economic cooperation between the two regions, companies from India and Association of southeast Asian Nations (ASEAN) can also form joint ventures and set up entities to start manufacturing here, he said, adding that increasing trade and investment is critical for both regions as each side hold huge potential
India has relaxed several laws and regulations under its Make in India initiative to attract investments, he said here at the fourth India-ASEAN Expo and Summit 2019.
“I would like to request the ASEAN companies to enhance increasing cooperation in the MSME sector. We can increase investments in various sectors like airlines, fishing and shipbuilding. We need medical devices and apparatus, and ASEAN companies can get an opportunity in this area,” he said.
Further, the minister said that both sides need to think and discuss areas where trade can be enhanced.
Although the bilateral trade between the regions has increased to USD 82.33 billion in 2017-18 from USD 21 billion in 2005-06, “the pace of growth is not up to the mark,” he added.
