IANS/Phnom Penh

India yesterday described Cambodia as a key element in its engagement with the Asean and said a special purpose vehicle (SPV) is being set up to attract Indian investments into the Southeast Asian country as well as neighbouring Laos, Myanmar and Vietnam.
Vice President Hamid Ansari, who is on a visit to Cambodia and later to Laos, in his address at the Council of Ministers, said the Cambodia, Laos, Myanmar and Vietnam are of special interest to India among the 10-nation Association of Southeast Asian Nations.
These countries include some of the fastest growing economies in the region, are primarily agrarian, and have enjoyed certain degree of macroeconomic stability in recent years, with vast potential for future development, he said.
Ansari said India-Asean ties are poised to scale new heights and his visit to Phnom Penh “underscores the importance India attaches to Cambodia as part of our increasing engagement with the region.”
Terming India-Cambodia economic relations much below potential, he said New Delhi hopes to launch the SPV soon “and I am confident that in the near future more Indian companies will explore the investment opportunities here.”
He said agriculture and agro processing, mining, oil and gas and small and medium enterprises offer opportunities for trade and investment by Indian business houses and that India will endeavour to encourage its companies and businesses to explore the emerging opportunities in these areas.
“For this, we look forward to support not only from the government of Cambodia but businesses here.” Ansari said another area of co-operation is in defence. “India is happy to have been involved in training efforts for the Cambodian defence forces. We will continue and enhance these training efforts,” he added.