Dimapur: Vice-President M. Venkaiah Naidu on Wednesday said there is immense potential for investment in the Northeast and the Asean should take this opportunity and start investing.

He said this during the second convocation of National Institute of Technology at Chumukedima here on Wednesday.

Nagaland governor P.B. Acharya and other dignitaries were present on the occasion.

"The northeastern region is endowed with abundant natural resources. But difficult terrain, dispersed habitation, poor connectivity and inadequate infrastructure have been the obstacles to the realisation of its true potential. There is an immense investment potential in the northeastern region and Asean should not miss this opportunity in investing in the region. For this, the central and state governments will have to work hand-in-hand. Improved connectivity is important in bringing the Northeast to the mainstream," he said.

"We strongly believe that the corridors of connectivity should be converted into corridors of economic growth with a symbiotic market model of development," Naidu said.

Naidu conferred degrees on two PhD students, 28 MTech and 37 BTech students of the 2015-2017 batch during the programme.

He said Nagaland is rich in its heritage and is fast developing and the setting up of NIT is an indication of the growing importance of the region.

"The real strength of any academic institute lies in maintaining high standards of excellence through its teaching and top quality research," he said.

Nagaland NIT director S. Venugopal, in his annual report, said the institute, which began its academic session in 2012, has a placement record of nearly 70 per cent.