The 4th India-ASEAN Expo summit is inaugurated in New Delhi

Strengthen India-ASEAN relations under the Act-East Policy and mutual progress

• The 4th India-ASEAN Expo and Summit was inaugurated in Delhi by Union ministry of commerce and industry and the series of the summit is held on 21st to 23rd of February in New Delhi. This is a flagship event of Department of Commerce, being organized with FICCI to carry forward the momentum and to further strengthen India-ASEAN relations under the Act-East Policy.
• Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, inaugurated this 4th India-ASEAN Expo and Summit. Addressing the inaugural session Suresh Prabhu reaffirmed India’s commitment to the path of mutual progress and prosperity.
• The 4th India-ASEAN Expo and Summit, 2019 will build upon the success of the previous edition of ASEAN-India Business and Investment Meet and Expo which was held in 2018 as a precursor to India-ASEAN Commemorative Summit.
• Trade Ministers of ASEAN Countries, Secretary General of ASEAN and business delegations will participate in the New Delhi Expo and Summit. The Summit is a platform for the policy makers, industry captains and business leaders to come together and forge a common vision for India and ASEAN’s mutual growth and progress.

Aims & Objectives

• To bring Indian, ASEAN and Global MNCs together to work jointly for larger market and choosing India as a hub for ASEAN as a regional & global value chain
• Strengthens existing and Explore new areas of collaboration between India and ASEAN
• Promote Trade and Investments in ASEAN region and India
• Promote People-to-People contacts
• To provide a platform that will bring together multiple stakeholders, Policy makers – Industry – Academia – Media – Thought Leaders
• To promote traditional linkages and focusing on nascent areas of cooperation.

Economic Showcase of the Summit – 2019

• The ASEAN region is becoming one of the preferred trade and investment regions for Indian businesses and FICCI as an apex Chamber of Commerce and Industry of India, gives special focus to this region.
• The combined strength of the single ASEAN market is more than US$2.6 trillion and India’s US$ 2.7 trillion economy creates an economic power house that has the potential to become one of the strongest in the world.
• The India – ASEAN Business Fair offers an opportunity to governments, stakeholders and industry to capitalize and enhance efforts of sustaining momentum of trade and investment in the region.
• The buyer-seller meetings to provide business leaders an opportunity to closely interact with their counterparts and consolidate B2B and B2G relations.
• The exposition will showcase the best initiatives of the business and industry from India and ASEAN countries across various sectors of mutual cooperation such as Infrastructure, Manufacturing, Manufacturing & Engineering, ICT, healthcare, tourism, environment, agriculture, Science and technology, Finance, Banking and Retails.

What is India’s Stand in INDIA – ASEA summit and relations?

• India’s trade with ASEAN has rebounded from US$ 65.06 billion in 2015-2016 to USD 81.33 billion in 2017-18, posting an annual growth of 13.64%.
• India’s trade with ASEAN from April 2018 to December 2018 has already touched USD 72.3 billion compared to previous year, which is a growth of over 20.5%, which is an indicator of our strong economic and business connect and holds the key to our future engagements.
• India currently is working with ASEAN on multiple connectivity projects, through land, water, and air.
• The projects like India-Myanmar-Thailand Highway, Kaladan Multinational Transit Transport Project, Project Development Fund for CLMV countries is crucial for our development are being carried out.
• Exploring opportunities through connectivity projects will help India to remove physical impediments to trade with ASEAN countries and further integrate the two regions for better economic and trade relations.
• Increasing the rate of technology adoption and providing financing mechanisms is another challenge to expand growth.

Pic courtesy:United News of India