Economic landscape of Asia looks 'exciting, promising', says Singapore's Deputy PM
Expressing confidence over Asia' emerging economic power in the global arena, Deputy Prime Minister of Singapore Tharman Shanmugaratnam has said that the economic landscape of Asia looks exciting and promising.
He was participating in a panel discussion of the 'Delhi Economics Conclave', jointly organized by the Confederation of Indian Industry (CII) and the Ministry of Finance.
Shanmugaratnam, however, stressed that to capitalize on the existing synergies among different nations, there was a scope for strengthening the three Cs- Cities, Clusters and Capabilities.
In the present uncertain economic environment, it is critical to develop resilience internally to counter many unknown risks in form of security threat and economic crisis.
The yearly Delhi Economics Conclave was initiated in 2010 against the backdrop of the global and financial crisis to discuss and suggest ways forward through which the emerging market economies such as India, could overcome the adverse impacts of the external vulnerabilities.
The theme of this year's conclave was "Reviving Growth".
Pravin Gordhan, Minister of Finance, South Africa, highlighted the vast opportunities that Africa offers to the global investors.
"Notwithstanding the developmental challenges still faced by many countries of Africa, the continent has managed to make the most of its rich resource base, rise in working-age population and large manufacturing base. It is the geography to watch out for in the future," Gordhan said.
Dr Sarath Amunugama, Deputy Minister of Finance and Planning, Sri Lanka, pointed out that there exist tremendous scope to enhance complementarities between India and Sri Lanka in the years to come.
In his welcome address, Adi Godrej, President, Confederation of Indian Industry, stressed on the fact that the global economies are passing through a turbulent and testing period.
"In order to confront these challenges, the policymakers need to devise innovative strategies in order to ensure that the resultant growth percolates down to the masses", Godrej said.