Latest News for ASEAN

The Association of South East Asia Nations a.k.a ASEAN is an association of 10 countries that is headquartered in Jakarta, Indonesia. The aim of the association is to promote inter-governmental cooperation and supports in economic growth, social progress and cultural development activities in the region. The ASEAN countries work in active collaboration and mutual assistance in matters of common interest that helps in greater utilization of their agriculture and industries, expansion of trade and improve transport & communication facilities. Hence with these aims the ASEAN’s Economy and Human development index are very high and the import duties among the countries are low.

The Member Countries of ASEAN

The Primary Member countries are

BRUNEI
CAMBODIA
INDONESIA
LAOS
MALAYSIA

MYANMAR
PHILIPPINES
SINGAPORE
THAILAND
VIETNAM

Further ASEAN plus Six association was created as part of RCEP (Regional Comprehensive Economic Partnership) which comprises most of the countries in East Asia and Pacific to provide free trade agreement between the countries.

AUSTRALIA

CHINA
INDIA
JAPAN
NEW ZEALAND

SOUTH KOREA

Indian Relations with ASEAN Region

The relations between India and ASEAN has always been growing. With the Delhi Declaration there has been a trajectory of the INDIAN-ASEAN relationship and India’s trade with ASEAN has increased by 25 times in 25 years. India recognizes the strategic importance of the ASEAN region and has been working on its Look East Policy a.k.a Act East Policy in order to increase partnerships with the ASEAN Countries. Indian relations with ASEAN are not only in the areas of Trade but also in terms of Investments. Both India has invested in these countries as well as received investments from ASEAN countries especially Singapore.

Opportunities

ASEAN region is poised to be one of the High growth economies in the world due to their close engagement within themselves as well as with most populated nations such as China & India and highly developed countries such as South Korea and Japan. Though the area poses a challenge in Language perspective, the trade opportunities with these countries are enormous. some of the opportunities in the region are

Technology & Automation Solutions

The region is well established with various technology and automation solutions. The need of the hour in this area is support to provide technology outsourcing services. India being the world’s largest Software Export market has a very good potential in promoting their solutions to these countries. Many Indian IT companies have made their mark in these countries providing support in building technologies and automation solutions for businesses in the region

Medical Tourism to Patients for Affordable Health Care

Whilst the region provides good medical amenities, Singapore has always been at the forefront to provide specialized treatments whereas and Thailand has been most preferred for alternative treatments. Hence Medical tourism from the region to India is minimal.

Enabling Better Education for Students

Whilst India has been known as an education provider to many parts of the world, In this case people travel to the ASEAN and Pacific regions for studies. Many well-known universities are housed in countries such as Singapore, Korea, Phillippines, where many Indian students pursue many Graduate and Master Degree programs both in Technical, Medical and General Studies.

Product and Commodity Exports

India has always been an opportunity provider for businesses in these areas. Whilst Oil, Wood, Furniture, Sand, etc., are imported from the region, Commodities such as spices and essential oils are exported from India to these countries.

Top Imports from ASEAN Region to India

Fuels & Minerals
Electrical Machinery
Machinery & Mechanical Appliances
Animal & Vegetable Fats and Oils
Organic Chemicals
Plastics and Articles
Iron & Steel
Ship & Boat Structures
Copper & Articles
Rubber & Plastics

Top Exports from India to ASEAN Region

Minerals & Fuels
Machinery & Mechanical Appliances
Meat Products
Ship & Boat Structures
Organic Chemicals
Iron & Steel
Road Vehicles & Parts
Precious Metals & Jewellery
Aluminium
Electrical Machinery

India Support & Entry Office

Today India has become the market for the world. There is an audience for every product and every solution in India. For any business there is a market, only that we have to find the right audience. India Provides opportunities in a variety of product and service requirements and hence a good opportunity for businesses in the ASEAN region to setup marketing offices and products to be sold in India.

Promoting Investments

India is the land of opportunities and the government is always open to provide opportunities for companies to come and invest in the country. Tax breaks and benefits are offered for companies who wish to set up shops in India.