The forthcoming Vibrant Gujarat Summit 2024 is set to welcome prominent leaders, including Timor-Leste’s President José Ramos-Horta and Czech Republic Prime Minister Petr Fiala. Initiated by Indian Prime Minister Narendra Modi in 2003 during his tenure as Chief Minister, this biennial event has transformed into a crucial platform for policymakers, investors, and business leaders to foster collaborations and delve into investment prospects.
President José Ramos-Horta, who jointly received the 1996 Nobel Peace Prize, is scheduled to make his first official visit to India, underscoring the growing diplomatic connections between the two countries. Notably, India’s declaration of setting up an embassy in Timor-Leste’s capital, Dilli, at the ASEAN-India Summit in September 2023 marked a noteworthy milestone.
In October, Dr. Rajkumar Ranjan Singh, India’s Minister of State for External Affairs, undertook the initial ministerial-level visit from India to Timor-Leste since 2018. The primary objective of this visit was to enhance economic cooperation, bolstered by the Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs). This scheme facilitates duty-free access to products from Timor-Leste, aiming to boost trade and foster economic growth.
The involvement of Czech Republic Prime Minister Petr Fiala in the Vibrant Gujarat Summit builds upon the positive developments initiated during the 2019 visit by the former Prime Minister, Andrej Babis. This reflects the growing economic ties between the two nations since the Czech Republic’s accession to the European Union in 2004. Bilateral trade has experienced substantial growth, reaching over US $3.16 billion in 2022, a significant rise from the modest figure of US $86 million recorded in 1993.
The summit will witness the participation of President Mohamed bin Zayed Al Nahyan of the UAE and Mozambique’s President Filipe Nyusi. The UAE, ranking as the seventh-largest investor in India, signifies the resilient economic connections, further reinforced by the Comprehensive Economic Partnership Agreement (CEPA). Mozambique’s presence underscores the strategic significance of the oil and gas sector in bilateral cooperation, with Indian companies actively engaged in a Liquid Natural Gas (LNG) project, highlighting joint endeavors to explore mutual economic opportunities.
