India: future engine of growth in Asean

India will be a future engine of growth in the Asean region because of its fast growing economy and foreign investment abroad, Asean Secretary General Dr. Surin Pitsuwan said today.

He told the Asean journalists at the Indian-Asean Business Fair and Conclave that the amount of Indian investment in Asean has reached US$21.8 billion (2004-2010), equivalent to 25 per cent of the country's total foreign investment. He said the huge population size and the people's IT knowledge would propel India's economic development and progress

Surin, who was here on an official visit, said that Asean and India will celebrate the 20th anniversary of their relations next year. The commemorative summit would be held in New Delhi in December.

He said he was impressed with the fair which shows the serious of Indian private sectors and officials to forge closer partnership with Asean. India became a dialogue partner of Asean in 1995.

Earlier, trade ministers from India and Asean counterparts met and spoke at the fair. Both side pledged to achieve a trade target of US$70 billion by 2012, up 40 per cent from US$50 billion in 2010.

More than 500 exhibitors participate in the 5-day fair. Thailand has 70 representatives from small and medium-size enterprises selling beauty, furniture and health products.

Last year, more than two million Indian visiting Asean member countries while a mere 300,000 tourists from Asean arriving here.

As part of the fair, Foreign Minister Kasit Piromya is scheduled this evening to give a keynote speech on future of Asean-India relations at the Third Asean-India Dialogue, organized by Indian Council of world Affairs and Federation of Indian Chambers of Commerce and Industry.