Binh Duong remains good destination for Indian investors hinh anh 1A view of the 2022 Horasis India Meeting (Photo: VNA)

Binh Duong (VNA) - Minister of State at the Indian Foreign Ministry Rajkumar Ranjan Singh has said that India is open in its investment in and cooperation with Vietnam in general and Binh Duong province in particular.

He made the statement at the opening ceremony of the 2022 Horasis India Meeting, the foremost annual meeting of Indian business leaders and their global counterparts, on September 26 in the southern province of Binh Duong, which is a magnet for foreign direct investment in Vietnam.

Beginning in 2009, the Horasis India Meeting offers business and government a platform to discuss a wide range of issues related to the Indian economy.

The meeting comprises six plenary sessions and 26 discussion ones, with the engagement of 700 delegates who are expected to discuss common concerns such as global transition, economic development issues arising during the digital transformation process, artificial intelligence and smart energy.

Earlier, on September 25, Secretary of the Provincial Party Committee Nguyen Van Loi and Chairman of the Provincial People’s Committee Vo Van Minh chaired a working session with the Confederation of Indian Industry led by Minister of State Singh and dozens businesses who came to attend the 2022 Horasis India Meeting.

At the meeting, Mr Singh emphasised that over the past 50 years, the cooperation between India and Vietnam has developed very well and is becoming tighter. India is very much interested in investment and cooperation with Vietnam in general and Binh Duong province in particular.

He appreciated the socio-economic achievements gained by the southern province in recent years, believing that with its available conditions, Binh Duong is a good destination for Indian investors and has the potential to develop further.

Mr. Minh informed Indian businesses about socio-economic development in Binh Duong province over recent years.

With an open and attractive investment environment, he said, Binh Duong has constantly been among the leading cities and provinces nationwide in attracting FDI.

In the first eight months of this year, it has attracted more than 2.6 billion USD in FDI. The province currently has 4,069 FDI projects from 65 countries and territories with total capital of nearly 39.6 billion USD. It is currently ranked second in the country in terms of attracting foreign investment, after Ho Chi Minh City.

India is currently ranked 23rd out of 65 countries and territories investing in Binh Duong, with 10 projects and total capital of more than 116 million USD. Investment fields are mainly medical instruments, processing and manufacturing, pasteurization of agricultural products, and food.

Binh Duong remains good destination for Indian investors hinh anh 2Leaders of Binh Duong province pose for a group photo with representatives of the Confederation of Indian Industry and businesses who come to attend the 2022 Horasis India Meeting. (Photo: VNA)

According to Mr Minh, India has strengths in the fields of information technology, biotechnology, education, and healthcare, which are of interest to the province, so the two sides have many opportunities for cooperation in the future.

He hoped that the meeting would create better links between Binh Duong and Indian enterprises, opening up cooperation opportunities in line with the development strategies and orientations of the two sides.

Binh Duong creates the best possible conditions for Indian businesses to invest, he added, especially in fields that are suitable with building Industry 4.0.

On the same day, a dialogue with the theme “Vietnam and India in the current era” was held within the framework of the 2022 Horasis India Meeting, where Indian and Vietnamese delegates noted that both countries are currently posting high growth rates.

The two countries also apply high technology and high value-added production to support Industry 4.0. Vietnam is Asia’s leading economy in terms of recovery and growth post-pandemic.

Analysts say that Vietnam and India share many similarities, as the two have seen growing cooperation in many fields, particularly education.

In addition, the two Governments have been exerting efforts to boost investment attraction, with a focus on technology and workers’ health./.