Speech by the President of India, Smt. Pratibha Devisingh Patil, at the Business Luncheon Meeting Hosted by the Vietnam Chamber of Commerce and Industry

Ladies and Gentlemen,

I am delighted to be here amongst you today at this very important business meeting. I appreciate the initiative of the Federation of Indian Chambers of Commerce and Industry and the Vietnam Chamber of Commerce and Industry in arranging this meeting during my visit to Vietnam.

Vietnam has always been a country that has evoked in India images of bravery and endurance. Under the leadership of President Ho Chi Minh, this great country waged a historic struggle for independence, and won it. The same energy and determination is now visible in Vietnam's economic development and national reconstruction.

Ever since the launch of "Doi Moi", Vietnam has seen rapid economic progress, which has brought prosperity for the nation and higher living standards for the Vietnamese people. I would like to compliment the Vietnamese leaders for their vision and leadership. I am confident that Vietnam will continue to march on its current path in the days and years to come. While the global economy is currently going through a turbulent phase, and which has impacted both India and Vietnam alike, I am confident that with the patience and wisdom of our leaders and sound economic policies of the two governments, India and Vietnam will be able to successfully address the current challenges.

India and Vietnam have a long tradition of friendship and close ties. These ties are based on unbreakable bonds of genuine trust and mutual goodwill. The economic and commercial content in our ties has also seen an upswing in recent years and which I believe would provide even more strength and sustenance to the political ties. The process of economic reforms under way in both countries will also, I am sure, open up even more opportunities for the businesses to create mutually beneficial linkages.

I am happy to know that Ho Chi Minh City, which is the economic engine of Vietnam, is home to many Indian companies. I am told that specially in recent few years, several new investments have come to Vietnam from India. The investment by ONGC for oil exploration and exploitation, by TATA Steel for setting up an integrated steel plant, by ESSAR to set up a steel rolling mill, and similarly by many other companies, is good not only for the partner companies and entities, but also for the economic progress of our two countries. More and more linkages and ties will be created through such projects and more and more people will come in contact with each other.

I understand that many Indian companies are exploring investment and trading opportunities in this country in fields as diverse as minerals to pharmaceuticals. I am confident that the Vietnamese Government will continue to provide a congenial atmosphere for Indian companies and businesses to operate in Vietnam. Similarly, I would also request Indian companies to look at all possible areas where joint ventures or partnerships can be created with Vietnamese companies.

Both India and Vietnam are currently focusing on infrastructure development. India has, in recent years, achieved commendable success in this area. Some sectors such as the Highway Development Programme has become a model for public-private partnership, which can be usefully replicated in many other developing countries, including Vietnam. We would be happy to share our experiences. In many other areas, such as engineering, transportation and power generation, Indian companies can transfer their expertise to Vietnamese. Also, in higher education, research and human resource development, India can be a useful partner.

Similarly, there are many areas in which Vietnam has achieved commendable success and where India can learn from Vietnam. Be it processing of marine products or agricultural crops like cashew, pepper, coffee and rice, Vietnam has become a major exporting nation in the world. There are very many useful lessons in Vietnam's success for Indian companies.

Ladies and Gentlemen,

In many regional and multilateral fora, India and Vietnam closely consult and coordinate with each other. India also has very close ties with ASEAN, of which Vietnam is an important member. In fact, India and ASEAN are soon going to sign Trade-in-Goods Agreement. Conclusion of this Agreement will take India-Vietnam economic ties to even greater strength. Our partnership with Vietnam in Ganga-Mekong Cooperation, the East Asia Summit and similar other regional fora will continue to provide further strength to our ties.

I look forward to my discussions with President Nguyen Minh Triet and other leaders in Hanoi. I intend to discuss with them ways and means to further strengthen our economic partnership, which is a pivotal part of our 'strategic partnership'.

I am confident that the discussions and deliberations at this business meeting will contribute to ever strengthening ties between India and Vietnam.

Thank you.