May 21, 2010
Vietnam, India to boost ties in agriculture
Vietnam''s Ministry of Agriculture and Rural Development and India''s Ministry of Food Processing agreed on Tuesday (May 18) to set up a joint committee to promote cooperation in trade, investment and agricultural production.
At a meeting the same day in Hanoi, Indian Minister of Food Processing Subodh Kant Sahai expressed the wish to increase cooperation with Vietnam in food processing and cattle feed since India, he said, is capable of providing a huge resource of materials.
He also called on Vietnamese enterprises to invest in food processing technology in India. Minister Subodh Kant Sahai pledged favourable policies for Vietnamese investors, adding that India can help Vietnam in training of information technology and foreign languages.
Minister of Agriculture and Rural Development Cao Duc Phat also agreed to encourage enterprises of both sides to explore each other''s markets, set up joint ventures in manufacturing and food processing industries, organise forums and trade fairs for agricultural produce and seafood in each market.
Two-way trade between Vietnam and India has been steadily on the rise in recent years, of which agricultural trade makes up a significant portion.
The two countries have signed agreements on trade cooperation, double-taxation avoidance, investment protection, consular affairs, culture, aviation and tourism, together with various other deals on mining and geology, environment and traditional medicine.
Around 70 Indian companies in the pharmaceuticals, machinery and equipment, chemicals, and agricultural materials have opened representative offices in Vietnam.
By late 2009, India had 38 valid investment projects in Vietnam with a total registered capital of more than US$201 million, ranking 29th out of 89 countries and territories investing in Vietnam.