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India, Vietnam to boost bilateral trade
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SME Times News Bureau | 20 May, 2010
India and Vietnam will establish a joint committee to strengthen bilateral cooperation in trade, investment, and agricultural production.
An agreement in this regard was signed in Hanoi on Wednesday by visiting Indian Minister of State for Food Processing Subodh Kant Sahai and Vietnam's Minister of Agriculture and Rural Development Cao Duc Phat.
India hopes to advance cooperation with Vietnam in food processing and animal feed production, Sahai said, calling on Vietnamese business houses to invest more in food processing technology in India.
The Indian government will create favourable conditions for investors from Vietnam, Xinhua quoted Sahai as saying.
Cao Duc Phat also encouraged business houses of Vietnam and India to set up joint ventures in manufacturing and food processing industries, and hold fora and trade fairs for agricultural produce and seafood in both countries.
During the period from 2003 to 2008, bilateral trade between Vietnam and India grew from $490 million to $2.48 billion. However, due to the global economic recession in 2009, the trade stood at $2.05 billion.
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