The four-day event is being organised by the Ministry of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy) in association with the Goa government and the Confederation of Indian Industry (CII) at Goa University Campus at Bambolim near Panaji.
"We have also signed an MoU with US for a joint research under AYUSH in the field of cancer," he added.
The minister said that the central government is contemplating to open one AYUSH hospital in every district of the country.
On the occasion, Naik also released the yoga protocol for the second International Yoga Day falling on June 21 this year.
The fair aims to create awareness among the members of the public about the efficiency of the AYUSH systems, their cost-effectiveness and the availability of herbs and plants used for prevention and treatment of common ailments, according to officials.