New Delhi, May 7 (IANS). During the visit of Vietnamese President To Lam to India, relations between the two countries have been upgraded to ‘Advanced Comprehensive Strategic Partnership’. National industry body PHD Chamber of Commerce and Industry (PHDCCI) on Thursday said this will give India better access to vital raw resources and have huge benefits in the long run for exports, investment and GDP growth.
PHDCCI President Rajeev Juneja said that this bilateral partnership creates a strong framework for strengthening supply chains, manufacturing collaboration, digital connectivity and technology partnership.
He said the new bilateral agreements are in line with India’s initiatives like ‘Make in India’, ‘Digital India’, pharmaceutical export expansion, development of semiconductor and electronics ecosystem and diversification of critical mineral supply chains.
Cooperation in rare minerals and critical minerals will give India better access to resources needed for electric vehicles, semiconductors, electronics, renewable energy and defense manufacturing. This will promote supply security and advanced manufacturing.
Regulatory cooperation in the pharmaceutical sector will provide better market access to Indian generic drugs and medical devices, which already have a competitive edge.
Additionally, technical cooperation in electronics, semiconductors, AI and IT services will further strengthen India’s role in the global digital value chain.
Sectors such as agricultural exports, tourism, aviation, urban infrastructure and smart city development are also expected to benefit from this partnership, which will increase employment opportunities.
Dr. Ranjit Mehta, Secretary General and Chief Executive Officer, PHDCCI, said that the outcome of the visit further strengthens India’s ‘Act East Policy’ as it will expand strategic cooperation with South-East Asian countries.
He said increased cooperation with Vietnam will strengthen connectivity, trade integration and long-term industrial partnerships in key sectors.
Under the new strategic partnership, both the countries have set a target of increasing bilateral trade to $25 billion by the year 2030. During the President’s visit, MoUs were signed in several areas including rare minerals, digital payments, pharmaceutical industry, electronics, tourism, culture, urban development, education and technical cooperation.
A joint statement issued after talks between Prime Minister Narendra Modi and Vietnamese President To Lam said that the two countries will ease market access for agricultural products like Indian grapes and pomegranate and Vietnamese durian and grapefruit.
Vietnam has committed to diversify its sources of supply and import more products from India to meet domestic production and export needs.
Both sides agreed to explore ways to create a conducive regulatory environment, including standard compliance certification, to make it easier for companies from both countries to do business.
–IANS
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