India has proposed USD 1 billion line of credit to promote sea, air and road connectivity projects with ASEAN, Union Minister Nitin Gadkari said today.
Apart from this, India has set up a project development fund of USD 77 million to develop manufacturing hubs in Cambodia, Laos, Myanmar and Vietnam, he said.
"The ASEAN India maritime transport cooperation agreement is being negotiated...An Asian India civil aviation task force has been established to see optimisation of air connectivity.
"India has proposed to commit a line of credit of USD 1 billion to promote projects that support physical and digital connectivity," Gadkari said.
He was addressing the ASEAN-India Connectivity Summit jointly organised by CII and ASEAN India Centre.
The minister said ASEAN and India have also agreed to establish a maritime transport working group among India, Myanmar, Thailand, Cambodia and Vietnam to examine the feasibility of shipping networks.
Asserting that connectivity is the pathway to shared prosperity, he said better connectivity is the core factor for strengthening ASEAN-India relations.
"Connectivity projects such as the India-Myanmar-Thailand Trilateral Highway (TH), extension of TH to Cambodia, Laos and Vietnam Kaladan Multimodal Transit Transport Project are being planned and at different stages of implementation," he said.
India is already working with Myanmar in the areas of border area development, capacity building, infrastructure development, connectivity projects and institutional development.
Stressing on augmentation of international connectivity, the minister said for Bharat Mala project, around 2,000 km with an outlay of Rs 25,000 crore are earmarked to connect India's major highway corridors to international trade points.
This will facilitate export/import trade with Nepal, Bhutan, Bangladesh and Myanmar.About BBIN (Bangladesh, Bhutan, India, Nepal) Motor Vehicles Agreement, Gadkari said action has been initiated for implementation of BBIN MVA by Bangladesh, India and Nepal.