Attracting Indian businesses to invest in 6 fields in Thanh Hoa

On the morning of April 15, Comrade Le Duc Giang, Provincial Party Committee member, Vice Chairman of the Provincial People's Committee and representatives of departments, branches and functional units of the province worked with the delegation of the Indian Business Association in Hanoi (INCHAM Hanoi) led by Mr. Navendu Kumar, Chairman of the association, Director of Alleviare Life Sciences LTd.

Overview of the working session.

Vice Chairman of the Provincial People's Committee Le Duc Giang gave an overview of the socio-economic, cultural and educational development situation in the province; especially the favorable conditions for international trade such as Nghi Son Economic Zone, Nghi Son Deep-water Port, Tho Xuan Airport. Thanh Hoa province is also actively training and improving the quality of human resources to welcome investment capital flows in many fields, meeting the strategic goals of socio-economic development of the province.

In addition to the central government's general investment attraction policies, Thanh Hoa province also issued specific support policies, as well as committed to creating all favorable conditions for administrative procedures and legal support for investors to develop production and business effectively.

Vice Chairman of the Provincial People's Committee Le Duc Giang spoke at the meeting.

Vice Chairman of the Provincial People's Committee Le Duc Giang affirmed that, on the basis of the good relationship between Vietnam and India, the relationship between Thanh Hoa province and Indian partners has also initially achieved positive results.

In the field of import and export, Thanh Hoa province is increasing exports to the potential Indian market, especially after the ASEAN - India Free Trade Agreement (AIFTA) officially took effect in 2023. Thanh Hoa's export turnover to the Indian market in 2024 reached 30.13 million USD, an increase of 21.3% over the same period, with the main items being garments, footwear, seafood, agricultural products, electric wires, etc. However, the import and export results as well as India's direct investment in Thanh Hoa are currently assessed as not fully exploiting the potential and opportunities between the two sides.

“Thanh Hoa province hopes that Indian businesses will continue to research and invest more in many fields that Thanh Hoa is attracting investment in such as automation, agriculture, pharmaceuticals, healthcare, etc. We hope and expect that INCHAM Hanoi will be a bridge to bring the cooperative relationship between India and Vietnam to a new level, creating opportunities for Indian businesses to invest deeply in Thanh Hoa province,” emphasized Vice Chairman of the Provincial People's Committee Le Duc Giang.

Mr. Navendu Kumar, Chairman of INCHAM Hanoi, spoke at the meeting.

Speaking at the meeting, Mr. Navendu Kumar, Chairman of INCHAM Hanoi, expressed his gratitude and joy at the warm welcome of Thanh Hoa province; and expressed his impression of the scale, strategic importance, economic growth rate as well as historical and cultural traditions of the province.

Mr. Navendu Kumar emphasized that INCHAM Hanoi has many businesses related to the field of fabric and industrial production and hopes to connect more opportunities for further investment in these fields.

In addition, the two sides still have a lot of potential for cooperation in other areas such as high-tech pharmaceuticals, organic food, IT, automation, manufacturing processing, tourism... In particular, India's high-tech pharmaceutical sector exported to the US and Europe is looking for the possibility of expanding production. The tourism sector is also opening up many new opportunities as the number of tourists between India and Vietnam has grown quite well in recent years. In the field of education, the Association hopes to contribute to connecting the transfer of production technology, medical knowledge, medical training, and doctors from India to Thanh Hoa enterprises...

Indian enterprises also wish to learn about investment mechanisms and policies, survey actual operations in industrial parks to grasp investment and business processes, and lay the foundation for closer and more effective cooperation. The Association also hopes that Thanh Hoa province and ICHAM Hanoi will soon realize the cooperation relationship by signing a memorandum of understanding, creating favorable conditions for enterprises in the Association to access project planning, investment attraction areas, and legal procedures...

Leaders of the Provincial Business Association discussed support and connection mechanisms for foreign organizations and investors.

After listening to the recommendations of INCHAM Hanoi, Vice Chairman of the Provincial People's Committee Le Duc Giang agreed that the two sides would sign a memorandum of understanding on a number of issues. In particular, INCHAM Hanoi and Thanh Hoa province will study and discuss in depth the field of medicine and pharmacy; at the same time, call on Indian enterprises to research and invest in Thanh Hoa in 6 areas: Health, IT, automation, garment, hotel and restaurant and biotechnology.

He assigned the Department of Foreign Affairs, the Office of the Provincial People's Committee and the Provincial Business Association to coordinate with INCHAM Hanoi to promote exchange activities, towards successfully establishing effective investment cooperation relationships in the coming time.

Thanh Hoa province presented souvenirs to the INCHAM Hanoi delegation.

On the same afternoon, the INCHAM Hanoi delegation conducted a site visit to Hanoi Beer Joint Stock Company and Thanh Hoa Import-Export Joint Stock Company. After the visit, based on the Association’s proposals, the Provincial People’s Committee will assign relevant departments to provide specific advice on investment procedures, feasible investment projects, and support Indian investors in implementing legal procedures.

INCHAM is a non-profit organization, established in 1999 with the aim of promoting economic relations between Indian businesses and Vietnamese authorities. The association currently has 2 branches in Ho Chi Minh City and Hanoi. Of which, INCHAM Hanoi has more than 141 members operating in fields such as pharmaceuticals, information technology, textiles, electronic equipment, etc.

Minh Hang

Source: https://baothanhhoa.vn/thu-hut-doanh-nghiep-an-do-dau-tu-tren-6-linh-vuc-tai-thanh-hoa-245680.htm