India approves CLMV fund
The government of India yesterday approved the creation of a project development fund of about $75 million to help Indian firms invest in Cambodia, Laos, Myanmar and Vietnam ‒ the so-called CLMV countries. “The project development fund will benefit India’s industrial community in terms of business expansion and maintain cost competitive supply chains, besides integrating with global production networks,” said the Indian government’s Press Information Bureau in a statement published on its website. “The key advantage of positioning India on regional value chains is to secure on a long term basis dedicated sources and markets for Indian raw materials and intermediate goods,” said the bureau.
