Prime Ministers agreed to build capacities in the blue economy
The Indian and Vietnamese Prime Ministers have agreed to achieve US$15 billion trade turnover at the earliest at the Virtual Summit on 21 December 2020.
Prime Ministers Narendra Modi and Nguyen Xuan Phuc have also agreed to further build bilateral trade based on a concrete plan of action and new supply chains located in each other’s country.
They adopted the Joint Vision Statement and welcomed the signing of Plan of Action for period 2021-2023.
Both leaders have expressed satisfaction over the successful implementation of the High-Speed Guard Boat (HSGB) Manufacturing Project for Vietnam Border Guard Command under the US$100 million Defence Line of Credit extended by India.
also applauded the launch of HSGBs manufactured in India and the keel laying of HSGBs manufactured in Vietnam.
Both Leaders appreciated the completion of seven Development Projects with Indian ‘Grant-in-Aid’ Assistance of US$ 1.5 million for the benefit of the local community in Vietnam’s Ninh Thuan province.
The leaders also expressed satisfaction over signing of MOUs, Agreements, Implementing Arrangements as well as Announcements for further strengthening bilateral cooperation in various spheres
MOUs Agreements signed:
Implementing Arrangement on Defence Industry Cooperation;
Agreement for US$ 5 million Indian Grant Assistance for Army Software Park at National Telecommunications University, Nha Trang;
Implementing Arrangement between CUNPKO-VNDPKO for Cooperation in United Nation Peacekeeping;
MOU between India’s Atomic Energy Regulatory Board and Vietnam Agency for Radiation and Nuclear Safety;
MOU between CSIR-Indian Institute of Petroleum and Vietnam Petroleum Institute;
MOU between National Solar Federation of India and Vietnam Clean Energy Association;
MOU between Tata Memorial Centre and Vietnam National Cancer Hospital.
Announcements:
Enhancing the number of Quick Impact Projects from currently 5 per year to 10 per year commencing FY 2021-2022;
New Development Partnership projects in heritage conservation in Vietnam (F-block of Temple at My Son; Dong Duong Buddhist Monastery in Quang Nam and Nhan Cham Tower in Phu Yen);
And the launch of a bilateral project for Encyclopedia on India – Vietnam Civilizational and Cultural Interactions.
They also agreed to explore new and practical collaborations to build capacities in blue economy, maritime security and safety, marine environment and sustainable use of maritime resources, and maritime connectivity, in order to ensure security and growth for all in the region.
Deriving strength from commonalities in their approaches and views on regional and global issues, their shared respect for international law and rules-based order, and their belief in inclusivity and equity in the global discourse, both sides will strengthen multilateral and regional cooperation, including in the United Nations, ASEAN-led mechanisms and Mekong sub-regional cooperation.
Acknowledging the new challenges as well as opportunities brought upon by COVID-19 pandemic, the two sides will work towards reliable, efficient and resilient supply chains, and will promote human-centric globalization.
Recognizing the important role played by their Development Partnership in delivering concrete and diverse benefits to local communities and thus contributing to Sustainable Development Goals, India’s development assistance and capacity building outreach in Vietnam will be further reinforced, including by expanding the Mekong-Ganga Quick Impact Projects and ITEC and e-ITEC programmes in diverse sectors. #trade #exports #manufacturing #investment #banking #economy /fiinews.com
