The upcoming Vibrant Gujarat Summit 2024 is set to host number of global leaders, including Timor-Leste’s President José Ramos-Horta and Czech Republic Prime Minister Petr Fiala. The biennial event, initiated by Indian Prime Minister Narendra Modi in 2003 as the then-chief minister of the Gujarat state, has grown into a crucial platform for policymakers, investors, and business leaders to foster collaborations and explore investment opportunities.
Timor-Leste’s President José Ramos-Horta, a co-recipient of the 1996 Nobel Peace Prize, will be on his first-ever visit to India in current capacity. His visit reflects the strengthening diplomatic ties between the two nations. Last year, India’s announcement of establishing an embassy in Timor-Leste’s capital, Dilli, during the ASEAN-India Summit represented a significant milestone. The announcement was made at the ASEAN-India Summit in Jakarta on September 7, 2023 by PM Modi.
In October, India’s Minister of State for External Affairs, Dr Rajkumar Ranjan Singh, made the first ministerial-level visit from India to Timor-Leste since 2018. During the trip, he held meetings with President Jose Ramos-Horta, Prime Minister Kay Rala Xanana Gusmao, Foreign Minister Bendito Dos Santos Freitas, and Trade Minister Filipus Nino Pereira. India, having established early diplomatic relations with Timor-Leste, has been proactive in fostering economic cooperation. The Duty Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) includes duty-free access to products from Timor-Leste, promoting trade and economic growth.
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Czech Republic Prime Minister Petr Fiala’s participation in the Vibrant Gujarat Summit builds on the momentum established during the 2019 visit by then-prime minister Andrej Babis for the same mega investors meet. The bilateral economic relations between India and the Czech Republic have flourished since the Czech Republic’s entry into the European Union in 2004. Diversified interactions and new mechanisms have propelled bilateral trade to over US $3.16 billion in 2022, a remarkable increase from US $86 million in 1993.
Joining these leaders are President Mohamed bin Zayed Al Nahyan of the United Arab Emirates (UAE) and Mozambique’s President Filipe Nyusi. The UAE has emerged as the seventh-largest investor in India, emphasising the robust economic ties. The Comprehensive Economic Partnership Agreement (CEPA) has further strengthened trade relations between the two nations. Mozambique, with its President Filipe Nyusi in attendance, highlights the strategic importance of the oil and gas sector in bilateral cooperation. Indian companies actively participating in a Liquid Natural Gas (LNG) project underscore the collaborative efforts to tap into mutual economic opportunities.
Source: Thanks WIONews.com