India's Business With ASEAN Countries Only 30 percent Of Total Trade

"Manipur should develop as a multi-economic zone and Moreh should emerge as potential economic growth area," he said, adding that a host of initiatives are being implemented by the government.

Indonesian Ambassador in India Rizali Wilmar Indrakesuma said the Free Trade Agreement in goods and services would help in increasing trade ties and business potential between India and ASEAN countries.

Infrastructure development will lead to increase in transport of passengers and goods through Bay of Bengal and Indian Ocean with much lesser cost, thereby increasing the competitiveness and efficacy of the sectors.

Building industrial zones and integrated infrastructure would help potential and prospective sectors grow in the region, he said.

North Eastern Council secretary Ameising Luikham said there is a need to focus on development of transportation, logistics and communication technologies in line with Vision 2020.

Moreh-Madalay, Kaladan-Sitwe and some other communication ways have huge power to reduce operational cost once installed. However, problems with sanctioning funds by MDoNER lead to delay in development of projects, he said.

There is a need to consider existing corridors as economic corridors which would lead to development of economic attributes of stakeholders, which eventually needs more accountability and capacity building of factors, he added.

The official said that NEC, being one of the most powerful bodies in north eastern region involving high-profile and sectoral heads, needs to be engaged more in activities for project development.

READ MORE: Key Factors That Can Make Global Firms More Competitive and RBI Unlikely To Cut Rates Recently As Inflation High: Report