Strategic Ties between India and BCLMV Countries
The ASEAN region has emerged as a major destination for services export, with an existing ecosystem that supports Service Industries of these markets. Within this region, the BCLMV (Bangladesh, Cambodia, Lao PDR, Myanmar, and Vietnam) countries have begun enticing greater attention of the worldwide economic community, given their enormous potential for future expansion.
In addition to the topographical benefit of being located near fast-growing economies like China, BCLMV countries have the lead of having access to a wide market through economic partnership agreements with various countries including China. Some of the countries are also in the process of negotiating key partnership agreements with other major markets.
While prospects are ample in service industry, Indian entrepreneur’s activities in these countries have, thus far, been limited. Information regarding opportunities in BCLMV countries is unpredictable and insufficient as is the infrastructure framework in these countries. Further, the overall operating environment for business in the region can be made very favorable, but at present these countries ranking low on the World Bank’s Doing Business Index. All these have limited the scope of appointment by Indian firms with BCLMV countries.
GDP and Population Growth in BCLMV Countries
|Country||GDP Current Price 2016 (billion in USD)||Population 2016 (mn)|
*Source: ERIA Publicatons & Focus Economics
GDP Sector Wise Contribution of BCLMV Countries
*Source: Index Mundi, Statistics Times & World Bank and IMF