India Woos Vietnamese Investors

The Indian government is calling for Vietnamese enterprises to invest in the world’s second most populated country as part of a campaign entitled “Make in India.”

The Consulate General of India in HCMC on October 21 held a function to promote the campaign initiated by Indian Prime Minister Narendra Modi to develop the country into a global manufacturing hub.

Under the initiative, local and foreign investors are encouraged to establish firms or joint-ventures to turn out products in India for domestic consumption and export.

Smita Pant, Consul General of India in HCMC, told the event that “Make in India” is not a slogan but a warm invitation for foreign companies to invest in the market that is home to 1.3 billion consumers.

The campaign aims to create a friendly environment for investors with transparent procedures. India has launched a website at www.makeinindia.com to provide detailed information about the initiative.

Vietnam is one of the top investors in Myanmar and its investments in Bangladesh are growing. These two countries share the borders with the North Eastern states of India.

In a few years to come, stronger ties between India and ASEAN will create more opportunities for those investors in the former.

The potential for enterprises of Vietnam and India to cooperate is described as huge as Prime Minister Nguyen Tan Dung along with Vietnamese businesses will pay an official visit to India this month. Direct flights connecting the two countries will be launched several months later.

A memorandum of understanding on twinning HCMC with Mumbai is under discussion. An Indian bank is also making great efforts to open a branch in the city.

“We call for investors to look at India as a huge market with favorable investment procedures…. We, at the Consulate General of India, will do our best to support companies to invest in India,” Pant said.

Mohan Ramesh Anand, chairman of the Indian Business Chamber in Vietnam (Incham), expected that the campaign will encourage more Vietnamese firms to invest in the production of farm produce, aquaculture and fisheries, food processing, footwear production and furniture and wooden products in India.

The Indian food processing industry is estimated to reach US$320 billion next year. Therefore, Anand urged Vietnam should seek to branch out into this huge market.

Vietnamese enterprises have invested more than US$8 billion in over 500 overseas projects. Apart from the traditional markets of Laos and Cambodia, they have also poured significant investments into Russia, Malaysia, the United States, Cuba, Myanmar and Bangladesh.

However, Vietnam has only three projects in India with a combined investment capital of US$23.6 million. – Saigontimes

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