Prime Minister Narendra Modi and Vietnamese Prime Minister Nguyen Tan Dung, in a joint statement during the latter's two-day state visit, on Tuesday reaffirmed the importance of investment in the economies of India and Vietnam.
In the statement, Prime Minister Modi and Prime Minister Dung stressed on the importance of investment for the growth of their economies and discussed ways to create an environment to mobilise greater investment.
Prime Minister Dung welcomed Indian companies to invest in Vietnam and affirmed Hanoi's commitment to create favourable conditions for Indian investments. Prime Minister Modi invited the Vietnamese companies to join the 'Make in India' programme for reaping the benefits of the initiative. The two leaders further agreed to utilize the Customs Cooperation Agreement and Maritime Shipping Agreement between the two countries for facilitating more intensive economic engagement.
Prime Minister Dung, who is accompanied on his trip by a large business delegation, on Monday met with Indian industrialists, including members of the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Prime Minister Modi and Prime Minister Dung urged the business leaders to explore business opportunities in both nations. Business leaders on both sides identified the hydrocarbons, power generation, infrastructure, tourism, textiles, footwear, medical and pharmaceuticals, ICT, electronics, agriculture, agro-products, chemicals, machine tools sectors as priority areas for cooperation.
Expressing their satisfaction on the steady progress made in enhancing trade and investment through fruitful interaction between business leaders from both sides, Prime Minister Modi and Prime Minister Dung agreed to take measures to significantly expand and diversify bilateral trade for mutually beneficial results and agreed to enhance the trade targets to USD 15 billion by 2020. The two leaders further urged that events like the India-CLMV Business Conclave should be utilized by business leaders and decision makers to achieve this target.
Prime Minister Dung is on a two-day state visit to India. During his visit, the leader witnessed the signing of seven agreements and memorandums of understanding (MoUs) between the two nations.
On Tuesday evening, he will attend a banquet hosted by Prime Minister Modi before departing.