|CLMV stands for||Cambodia, Laos, Myanmar and Vietnam|
These countries are members of ASEAN and have a unique position in the ASEAN region. These countries offer a gateway for market access to China, the EU, and other markets due to various trade agreements. These four countries are fast-growing and developing economies with rising consumption, strategic location, and rich natural resources (oil, gas, teak, copper, and gemstones), biodiversity, and industrious workforce with low wages.
India and CLMV
- The CLMV conclave is an annual feature which provides an opportunity for Indian business leaders to meet government and business stakeholders representing the four countries.
- India is creating a Project Development Fund (PDF) for catalyzing Indian economic presence in the CLMV countries viz. Cambodia, Laos Myanmar, and Vietnam
- The PDF will give a key advantage position to India in securing regional value chains on a long term basis. CLMV countries can supply raw materials to India like energy and other commodities and consume India's products and provide markets of other countries to India
- India and CLMV engagement, will benefit India's industrial and trade community for business expansion in the CLMV countries
- Recently CLMV-Business Conclave was held in Jaipur.
Significance of CLMV countries:
- CLMV countries collectively are the third largest economy in ASEAN, followed by Indonesia and Thailand.
- Due to close proximity, India is looking to increase trade and investment whit the CLMV region as part of the ‘Act East’ policy. By India-CLMV cooperation India can take benefit of free trade agreements they have with various countries such as China.
- In recent times, India’s trade with the CLMV countries has grown to more than $10 billion.