Prime Minister Modi Highlights India-ASEAN Partnership at Summit in Laos
Prime Minister Narendra Modi attended the 21st ASEAN-India Summit in Vientiane, Laos, where he emphasized the importance of the 21st century for India and ASEAN countries. He noted that India’s Act-East policy has revitalized relations with ASEAN over the past decade. Modi highlighted the Indo-Pacific Ocean initiative launched in 1991, which aligns with ASEAN’s regional outlook.
During his speech, Modi stressed the significance of India-ASEAN cooperation amid global conflicts. He shared that trade between India and ASEAN has nearly doubled in the last ten years, surpassing USD 130 billion. Modi also mentioned the expansion of fintech connectivity, initially established with Singapore, to other ASEAN nations.
Modi underscored a people-centric approach in the development partnership, with over 300 ASEAN students receiving scholarships at Nalanda University. He announced the creation of a university network and India’s contribution of over USD 30 million to various regional funds, including the Science and Technology Fund, Digital Fund, and Green Fund.
Prime Minister Modi’s visit to Laos, at the invitation of Prime Minister Sonexay Siphandone, also includes participation in the 19th East Asia Summit. This visit marks a decade of India’s Act East Policy.
Doubts Revealed
ASEAN -: ASEAN stands for the Association of Southeast Asian Nations. It is a group of countries in Southeast Asia that work together to promote economic growth, peace, and stability in the region.
Laos -: Laos is a country in Southeast Asia. It is known for its mountainous terrain and beautiful landscapes. The summit mentioned in the summary took place in this country.
Act-East policy -: The Act-East policy is an initiative by India to improve its relations with countries in the Asia-Pacific region. It focuses on increasing economic and strategic ties with these countries.
Indo-Pacific Ocean initiative -: The Indo-Pacific Ocean initiative is a plan to promote peace, security, and prosperity in the region that includes the Indian and Pacific Oceans. It involves cooperation between countries in this area.
Fintech -: Fintech is short for financial technology. It refers to new technology that aims to improve and automate the delivery and use of financial services, like online banking and digital payments.
Scholarships for ASEAN students -: Scholarships for ASEAN students are financial aids provided by India to help students from ASEAN countries study in India. This helps strengthen educational and cultural ties between India and ASEAN.
Regional funds -: Regional funds are financial resources collected and used by a group of countries in a specific region to support development projects and initiatives that benefit all member countries.
Act East Policy -: The Act East Policy is a strategy by India to enhance its economic and strategic relations with countries in the Asia-Pacific region, focusing on trade, culture, and security.
