India’s Strong Relationship with ASEAN will accelerate India’s rise to become one of the Top Economies of the World

No. PR- 267

March 16, 2021

New Delhi

 

India's Strong Relationship with ASEAN will accelerate India's rise to become one of the Top Economies of the World

 

International Affairs & Trade Fairs Division, PHD Chamber of Commerce and Industry organised India-South East Asia Day themed as ”STRENGTHENING INDIA - SOUTH EAST ASIA: PROJECT PARTNERSHIP THE WAY FORWARD” during the "PHDCCI International Week” taking place from 15-19 March 2021in Hybrid Mode. The India-South East Asia Day envisaged the current economic relations and projects to strengthen links with South-East Asia and ways of enhancing regional engagement.

 

H.E. Mr. Pham Sanh Chau, pointed out the many delegations and activities carried out by PHDCCI in the past and asked for more chapters in the different provinces of India and Vietnam. His Excellency explained the assembling industry and foreign investment based economic structure. Vietnam had made prudent and promising suggestions for the Indian businesses to make headway and deepen the business relationship between the two countries.

 

While talking about the relationship shared between India and Vietnam, suggested that we want to promote investment in India via Vietnamese countries. Vietnamese companies are looking at India for steel production, telecommunication, and IT, Supporting and spear part industry in Vietnam need Indian companies' support. He mentioned that there is the movement of skilled employees and population between the nations which can lead to human capacity building. He further mentioned that Vietnam wants to promote itself as a wedding destination.

 

H.E. Mr. Ramon S. Bagatsing Jr., Ambassador, Embassy of Philippines shared that India and the Philippines have used the opportunity of the pandemic to establish closer ties and in the recent conversation between the two governments, it has formed the key role of the Philippines in India in combating the pandemic at the same time fostering and strengthening bilateral relations. He also talked about the BPO collaborations and invited investment in different sectors of pharmaceuticals, IT & telecommunications in Philippines.

 

He shared that the Philippines can support Indian businesses and industries in the industries of pharmaceuticals, healthcare, and information and communication technology, government's infrastructure program. Indian companies can have their research and development departments and manufacturing parts in the Philippines. There is an investment opportunity complemented with the growing population and further economic development in the Philippines.

 

H.E. Mr. Dato Hidayat Abdul Hamid, High Commissioner, High Commission of Malaysia discussed the impact of the pandemic on humanity and society, lauded the diligent efforts of India in vaccine manufacturing and supplying. India is one of Asia's most important trading partners. The vibrant trade and investment relations shared between India and Malaysia are a result of active interactions by leaders and officials. He shared that there has been an increase in the Indian exports to Malaysia which indicates its trade and business interest with each other. We should enhance all areas of collaboration and further strengthen bilateral trade. India is Malaysia's major source of foreign investment. He believes that India's strong relationship with ASEAN will accelerate India's rise to become one of the top economies of the world.

 

He also expressed his grief about the COVID-19 pandemic and its adverse economic impact. He appreciated the efforts of the countries for national vaccination programs with a special mention of India, being a leading producer and supplier. He mentioned 2020 was a very challenging year for Malaysia with a decrease of 21.3% in its exports to India and also mentioned that the bilateral trade had contracted by 5.6%. He looked forward to increasing ties with India with special reference to high technology manufacturing, pharmaceuticals, digital economics, artificial intelligence and renewable energy.

 

H.E. Mrs. Suchitra Durai, Ambassador, and PR to UNESCAP, Embassy of India, Thailand mentioned that India and South East Asia enjoy long-standing historic, cultural, and linguistic ties via trade. She mentioned that Thailand has been a pivotal partner on various associations and one of the largest trade partners of India. India and Thailand's bilateral trade increased optimistically since last years and investments have been growing on both sides in the sectors like IT, health and pharmaceuticals, chemicals, energy, food processing, infrastructure, engineering goods, and hospitality which can be further expanded into business and trade investments and partnerships.

 

She presented a detailed profile on the business and trade relationship between India and Thailand with special focus on the IT, fintech, health and pharmaceuticals, chemical, processed food, renewable energy and entertainment industries. 

 

She posited this profile in the complimentary relationship between India's Act East and Thailand's Act West policies, given the  historical, cultural and linguistic ties that on a large part have formed and cemented through longstanding trade relations between the two countries.

 

Mr. Ajay Poddar, Chair, International Affairs Committee for East Asia, South East Asia & Oceania, PHD Chamber of Commerce and Industry discussed the close relationship shared between India and ASEAN nations growing in a multi-fold manner. The major items of exports from India have been meat, edible vegetables, fruits, cereals, mineral fuels, chemicals, pharmaceuticals, iron, steel, copper, machinery, and many more offering business enhancement opportunities to both nations.

 

Mr. Saurabh Sanyal, Secretary-General, PHD Chamber while proposing a formal vote of thanks to all the delegates and participants, mentioned that without the support of ASEAN countries the Hon'ble Prime Minister's call for Self-Reliant India is impossible. India's engagement with ASIAN is built on a solid base shared civilized heritage driven by common strategic priorities of bringing peace and bring prosperity to the region. 

 

The session was moderated by Mr. Naveen Seth, Assistant Secretary-General, PHD Chamber, and was attended by many industry stalwarts around the world.

 

Ends

Media Division

PHD Chamber of Commerce and Industry