India seeks to tap into connections with ASEAN nations: PM

India will extend credit of up to 1 billion U.S. dollars to fund physical and digital links with the Association of Southeast Asian Nations (ASEAN), Prime Minister Narendra Modi said here on Saturday.

The finance was one of a series of measures to deepen India's connections to the 10 member states of ASEAN, Modi told ASEAN leaders at the ASEAN-India Summit.

It would also expand its partnership in capacity-building projects with the four least developed ASEAN nations - Cambodia, Laos, Myanmar and Vietnam (CLMV), said Modi.

"In addition, we intend to create a Project Development Fund to develop manufacturing hubs in CLMV countries," he said.

The ASEAN-India Science and Technology Development Fund would be expanded from 1 million U.S. dollars to 5 million U.S. dollars.

"We also intend to set up an ASEAN-India Innovation Platform to facilitate commercialization of low-cost technologies, technology transfer and collaborative R&D projects," said Modi.

"I also propose that we cooperate in sustainable development of ocean or blue economy. This will be an increasingly important driver of our future economy and a source of food security, medicines and clean energy."

Trade between ASEAN and India was worth about 76.5 billion U.S. dollars in 2014-2015, but much of the potential for economic partnership remained untapped, he said.

Founded in 1967, ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Endit