Strategic Ties between India and CLMV Countries
Since CLMV are lesser developed economies, characterized with untapped potential for development, they offer more scope for scaling up economic linkages with India. They have also displayed tremendous GDP and GDP per capita growth dynamism in recent years. The development divide between the CLMV region and the rest of the ASEAN region is also evident. Thus, a better understanding of CLMV economies is needed, also as their developmental challenges are similar to India.
During the last ten years, India’s total trade with the CLMV countries has grown from US$ 1.4 billion in 2005 to US$ 10.3 billion in 2015, indicating a more than seven-fold increase. India’s exports to CLMV increased by more than eight-fold from US$ 0.8 billion in 2005 to US$ 6.4 billion in 2015, thereby accounting for 24.3 per cent share in India’s exports to ASEAN. India’s imports from CLMV, on the other hand, increased by nearly sixfold from US$ 0.6 billion in 2005 to US$ 3.9 billion in 2015, thereby accounting for 9.4 per cent share in India’s imports from ASEAN.
The CLMV region grew at an average rate of 7.1 per cent in 2015, as compared to ASEAN’s average economic growth of 4.8 per cent in the same year.
Challenges & Assets of CLMV Countries
GDP and Population Growth in CLMV Countries
|Country||GDP Current Price 2016 (billion in USD)||Population 2016 (mn)|
|CLMV Share in ASEAN||11.8%||26.3%|
*Source: ERIA Publicatons
Comparative Chart India and CLMV
|Country||GDP (Balance of Trade) (million in USD)||Service Export||Largest Trading Partner|
*Source: United Nations Conference on Trade and Development Report 2015, MIT Atlas of Economic Complexity, CIA World Factbook, World Bank and IMF
Internet Penetration in CLMV Countries
- Need for Skill Development and Capacity Building for Manpower Export or Commercial Service Export from NER India and CLMV Countries
- Service Sector Developments of CLMV Countries with Specific Reference to Herbal Health and Higher Education Sector
- Economic Ties and Service Industry Potential between India and CLMV Countries