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Home > Business > PTI > Report

Vietnam seeks Indian investment in IT, steel

April 01, 2003 17:45 IST

Vietnam on Tuesday invited Indian industry to invest in the country saying it offered enormous business opportunities, particularly in the field of oil and natural gas, steel and information technology.

Oil and natural gas offers promising business opportunities for Indian investors. Cooperation in the field has so far been very successful but we want to further strengthen cooperation in this area, visiting Vietnam Foreign Minister Nguyen Dy Nien said in New Delhi.

Referring to the “traditional friendship” between India and Vietnam in trade relations, he said, during the recent meeting of the Vietnam-India joint-government commission, the two sides agreed on measures to further promote trade, investment, economic relations as well as cooperation in education and science and technology.

The two countries are also considering granting favourable treatments for market access, access to government concessions, payment mechanism and trade promotion support, he said.

“We would like to open the steel sector for Indian industrialists,” the minister said, adding, it is an important factor in Vietnamese economy as it does not produce steel despite having considerable iron ore reserve.

On reducing custom tariffs for Indian investors, he said the matter could be negotiated to mutually acceptable levels.

Addressing captains of the industry at a function organised by the Confederation of Indian Industry, he said, “under the given uncertainties in the region and the world, Vietnam has become the safest and most attractive alternative for foreign investment as a result of its political and social stability and advantages of a potential market and a qualified workforce.”


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