Many Indian Businesses are Interested in Investing in Binh Duong

Many Indian Businesses are Interested in Investing in Binh Duong

In the afternoon of December 19, the delegation of the Confederation of Indian Industry (CII), with representatives from nearly 10 corporations and businesses of India led by Mr. Rafiv Bodwade, First Secretary of the Embassy of India in Vietnam, Head of the delegation had a meeting with Binh Duong People's Committee to find opportunities for cooperation and investment.

Investment in Vietnam - Speaking at the meeting, Rafiv Bodwade said that there were 134 projects of Indian enterprises investing in Vietnam with a total capital of US$ 1.1 billion. In 2017, trade turnover between the two countries reached more than US$ 10 billion, an increase of 29% over 2016. The two countries tried to raise the value of bilateral trade to US$ 15 billion in 2020.

According to Rafiv Bodwade, Indian businesses have seen many opportunities for investment cooperation in Vietnam. Especially, Binh Duong is a province located in the southern key economic region, which is highly appreciated favorable infrastructure. In particular, the investment strength of Indian businesses is given priority in areas such as agriculture, pharmaceuticals and renewable energy.

Working with the delegation of the Confederation of Indian Industry, Mr. Tran Thanh Liem, Vice Chairman of Binh Duong People's Committee also introduced about the socio-economic development of the province. In particular, the province has 29 industrial zones and 8 industrial clusters with more than 10,000 ha. All industrial parks in Binh Duong are fully invested in infrastructure, attracting more than 60% of investors to operate.

Out of 59 countries and territories investing in Binh Duong, businesses from India are still modest, with only 5 companies with investment capital of US$ 170 million. Of which, most of these enterprises invest mainly in spices industry, agricultural products, electronics and garment.

Responding to questions from business representatives from India, regarding the current investment priority areas of Binh Duong, Tran Thanh Liem said that priority was given to call for investment in large projects, using modern technology, less labor and higher value-added wages.

Also at the meeting, Indian businesses raised many questions about the policy calling for investment as well as the support of the Binh Duong provincial government in inviting businesses to operate, invest in local./.


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