KUALA LUMPUR: India has announced US$100 million fund to assist Indian investors penetrate the CLMV (Cambodia, Laos, Myanmar, Vietnam) countries in the ASEAN region.
Its Minister of state for commerce and industry Nirmala Sitharaman said the special-purpose vehicle will handhold Indian investors who wish to go to these countries.
“Just created a couple of months, the initial fund will assist those heading for these markets,” she said after attending the 12th Asean Economic Ministers India consultations.
The Asean-India Business Council has also been revived, she added.
During the meeting the economic ministers agreed on 11 areas of interest which should be tackled to boost the trade and investment level.
“It was suggested that each country take interest in one area each and hold dialogue and discussions (with the business council).”
On the ratification of the Asean –India FTA trade in services and investment agreements, Nirmala said Asean countries will stand to benefit from the internationally-recognised skills of the Indian professionals.
“But it will not be restricted to the IT services sector only, as we will include professionals from other sectors too.”