H.E. Pan Sorasak Holds Talk with His Indian Counterpart

Minister of Commerce H.E. Pan Sorasak held talks here yesterday with visiting Indian Minister of Commerce & Industry and Civil Aviation H.E. Suresh Prabhu on bilateral trade cooperation, on the sidelines of the 5th India-CLMV Business Conclave, held in Phnom Penh from May 21 to 22.

H.E. Pan Sorasak thanked the Ministry of Commerce & Industry of India for its close cooperation in organising this 5th India-CLMV Business Conclave as it is the first time that the event takes place outside India.

He requested the Indian side to review the trade agreement signed by both parties since 2002 in order to reflect the current cooperation and development as well as to form a joint working group between Cambodia and India to inspect this task under the framework of trade and economic cooperation.

In reply, H.E. Suresh Prabhu thanked the Cambodian Ministry of Commerce for the warm welcome and good organisation of the 5th India-CLMV Business Conclave. He highly valued Cambodia's development and noticed that the CLMV countries will see more rapid growth based on their potential.

H.E. Suresh Prabhu agreed with H.E. Pan Sorasak's request and pledged to help promoting Cambodian products through different fairs in India, boosting Indian investments in Cambodia, mainly in sectors of agro-processing, industry and medicines.

The Government of India has prepared a budget package called Project Development Fund to provide loans through the EXIM Bank to Indian companies that intend to invest in the CLMV countries, he underlined, reaffirming India's continued support to Cambodian human resource development.

Both sides agreed to study the possibility of having a memorandum of understanding between Cambodia Chamber of Commerce (CCC) and Confederation of Indian Industry (CII) to coordinate private sector of the two counties to establish business partnership in the future.

Source: Agency Kampuchea Press