PM proposes USD 1 billion line of credit for connectivity with Asean

Kuala Lumpur: Prime Minister Narendra Modi on Saturday proposed a USD 1 billion line of credit to enhance physical connectivity with Asean.

“Connectivity is the pathway to shared prosperity. The Trilateral (India-Myanmar-Thailand) Highway project is making good progress and should be completed by 2018,” Modi said in his address at the 13th Asean (Association of Southeast Asian Nations)-India Summit here.

“We also propose to commit a line of credit of $1 billion to promote projects that support physical and digital connectivity between India and Asean,” he said.

The Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Modi said that after a temporary decline, trade between India and the Asean countriues increased to about $76.5 billion in 2014-15.

“Asean remains the largest investment partner - both for inward and outward flows,” he said.