Asean has welcomed India's policy on more engagement with its eastern neighbours, Prime Minister Prayut Chan-o-cha said on Sunday.
Speaking at the Asean-India Summit this morning, Gen Prayut thanked Narendra Modi’s government for strengthening partnership in all areas through its Act East Policy.
“In this Asean-India Summit, we are looking forward to translating our commitment to enhancing our strategic partnership into tangible outcomes, [such as] through the implementation of the plan of action for peace or the Asean Outlook on the Indo-Pacific, for which we appreciated India’s support,” he said.
Gen Prayut underlined the role of Asean and India in supporting the multilateral system and regionalism, which “are fundamental to promoting stability and prosperity in the region and the world”.
Meanwhile, Indian Prime Minister Narendra Modi reiterated that Asean will continue to be the heart of India’s Act East Policy.
“It is an important part of our Indo-Pacific vision. Asean is at the very core of our Act East Policy and will always be so. An integrated, cohesive, and economically-developing Asean serves India’s core interests. We are committed to improving our partnership through services, maritime and economic activities, and digital links,” he said.
In a speech at Aditya Bira Group’s golden jubilee celebrations in Bangkok on Sunday, Mr Modi said India is committed to further improving its people-friendly tax regime, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth.
The government has cut corporate tax rates and introduced a nationwide goods-and-services charge to integrate the nation’s economy, he said.
“We want to work toward making it even more people-friendly,” he said.
Attracting new investment is key to creating jobs and boosting growth in the economy, which slowed to a six-year low growth rate of 5% in the quarter ended June. India is considering tax relief for individuals as it looks at measures to accelerate consumer demand.
The next pulse check for the economy is due on Nov 29, when the government will publish gross domestic product data for the July-September period. Mr Modi aims to make India a $5 trillion economy by 2025.
“For investment and easy business, come to India,” Mr Modi said. The nation welcomes investors who are keen on innovation and plan to start new businesses, he said.
