Union Minister Piyush Goyal has said there is a big potential in boosting ties with the Pacific Island nations and sectors like fisheries, tourism, agriculture, IT, healthcare as well as oil&gas hold "tremendous scope" for cooperation.
Goyal, who is the Minister of State for Power, Coal and Renewable Energy, said the Pacific Islands have come to form a key part of the government's Act East Policy and occupy a strategic position in terms of global commerce located in the middle of some of the busiest sea lanes in the world.
He pointed out that India's Look East Policy matches well with the Look North Policy of the Pacific Island countries.
"With the Look North Policy now being extended all the way to India, there is much scope to promote bilateral cooperation with the economies in the Pacific Island region," he said.
Goyal was speaking at a business interaction with heads of states and governments of Pacific Island countries organised by CII in cooperation with the Ministry of External Affairs yesterday.
CII Director General Chandrajit Banerjee said bilateral trade between India and the region was very low and needed to be stepped up. He called for greater B2B cooperation between the Pacific Island countries and India.
Some of the areas that were identified for greater cooperation include Oil and Gas, where India could work with the Pacific Island countries and seek opportunities to explore the oilfields in the region; and Renewable Energy, where India could work with Pacific Island nations to develop their renewable energy programme through capacity building.
Besides, India and the Pacific Island countries may also step up cooperation in sectors like broadcasting, healthcare, information technology, village industries, agro and food processing industry.
