Credit line underpins defence cooperation

PM Modi with Vietnamese PresidentTran Dai Quang.

Vietnamese President Tran Dai Quang paid a State Visit to India during 2-4 March 2018, reaffirming stronger bilateral relations.

The highlights of the visit included signing of Memoranda of Understanding (MoUs) between the two countries and meeting the President Tran Dai Quang and Prime Minister Narendra Modi.

India and Vietnam agreed to expedite the implementation of the US$100 million Line of Credit for building of high-speed patrol boats for the Vietnam Border Guards during President

The two leaders also urged for early signing of a framework agreement on the US$500 million Line of Credit for defence industry as a broad cooperation between their defence sectors.

On economic relations, the leaders requested their relevant ministries and agencies on both sides to explore substantive and practical measures to achieve the trade target of US$15 billion by 2020.

Both sides urged leaders of business and industry of both countries to explore new trade and investment opportunities in identified priority areas of cooperation: hydrocarbons, power generation, renewable energy, energy, conservation, infrastructure, textiles, footwear, pharmaceuticals, machine tools, agriculture and agro-products, tourism, chemicals, ICT and other service sector industries.,

Modi invited Vietnamese investment under the Make in India programme.

The two sides agreed that their cooperation in oil and gas exploration, thermal and hydroelectric power and renewable energy and energy conservation is registering remarkable progress.

President Tran Dai Quang welcomed Indian businesses to expand their oil and gas exploration and exploitation activities on land and in the continental shelf and Exclusive Economic Zone (EEZ) of Vietnam and to this effect suggested that relevant Indian companies file concrete proposals for the blocks offered by the Vietnamese side.

Both sides agreed to actively pursue the signing of a Memorandum of Understanding on collaboration in oil and gas exploration projects in third countries. The Vietnamese side also welcomed Indian oil and gas companies to avail of opportunities in the midstream and downstream sectors in Vietnam.

President Tran Dai Quang welcomed Indian companies to invest in renewable energy and energy conservation projects in Viet Nam and thanked India for extending support to Viet Nam in building a research reactor for the purpose of peaceful uses of atomic energy.

The Vietnamese side took note of the request by the Indian side on actively considering signing the Framework Agreement of the International Solar Alliance with a view to strengthening the cooperation in the renewable energy space.

Both sides agreed on the importance of stronger connectivity between Vietnam and India as well as between ASEAN and India.

The Indian side urged Viet Nam to utilise various initiatives of India for CLMV countries, including the US$1 billion line of credit for physical and digital connectivity projects.

The progress made in regional connectivity endeavours such as the India-Myanmar-Thailand Trilateral Highway was noted by the two Leaders. The two sides agreed to explore the possibility of extending the India-Myanmar-Thailand Trilateral Highway further to Vietnam through Cambodia and Laos.

The two sides stressed the importance of the early signing of an ASEAN-India Maritime Transport Cooperation Agreement. They sought acceleration of the establishment of direct shipping routes between the sea ports of India and Viet Nam. They also welcomed the commencement of direct flights between New Delhi and Ho Chi Minh City during the visit and urged the airlines of both countries to soon open more direct flights between major cities of the two countries.

Underscoring the significance of sub-regional frameworks in strengthening bilateral cooperation and complementing regional cooperation through ASEAN frameworks, they agreed to optimally develop and utilise existing sub-regional frameworks, especially the Mekong-Ganga Economic Corridor.

Both leaders welcomed the adoption of the 2030 Agenda for Sustainable Development and reiterated their commitment to the realisation of the Sustainable Development Goals (SDGs).

They agreed that the Global Partnership remains key to the achievement of the SDGs. In this regard, both leaders recalled the Addis Ababa Action Agenda and the importance of fulfillment of the Official Development Assistance committed by the developed countries.

MoUs

1. MoU on Economic and Trade Cooperation.

The purpose of the MoU is to establish a framework for enhancing economic and trade promotion.

2. Work Plan for the years 2018-2022 between the Indian Council of Agricultural Research (ICAR) and Ministry of Agriculture and Rural Development of Vietnam.

The purpose of this Work Plan is to promote cooperation in transfer of technology and exchange of visits of technical experts in the fields of agriculture and allied

3. MoU on Cooperation between the Global Centre for Nuclear Energy Partnership, India (GCNEP) and the Vietnam Atomic Energy Institute (VINATOM).

The purpose of the MoU is to strengthen the technical cooperation in the field of atomic energy for peaceful purposes.

-/fii-news.com

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