Strategise to maximise benefits of Globalisation: Ajay Shankar
Agra Jan 29 : National Manufacturing Competitiveness Council Member Secretary Ajay Shanker today claimed that India was placed in a position to derive gains from globalisation only in the past two decades
Delivering the keynote address during the session on 'Rapidly Emerging Global Value Chains: Where Do Developing Economies Fit In?' at the Partnership Summit here, Mr Shanker said private sector investment will transform developing economies and suggested that strategising for economic integration at the earliest would pave the way for poverty alleviation, employment generation and enhancing quality of life
Sharing his thoughts on global value chains, Mr Bill Pavleski, Minister of Foreign Investments, Macedonia, said value chains would not only increase competitiveness, but would also ascertain the viability of business. Macedonia being the gateway to Europe, offered ideal opportunity for integrating with India in the value chain
Stressing upon the positive features of Macedonia, he said it stood 22nd place in Doing Business and was undergoing fast-paced reforms having focus on FTAs
Mr Richard Maru, Minister of Trade, Commerce and Industry, Papua New Guinea, opined that economic partnerships were necessary in order to meet the peole's development aspirations
Banking upon the comparative advantages of India and Papua New Guinea, he said value chains would help to amalgamate India's financial strength and skilled manpower with Papua New Guinea's rich raw material base, thereby yielding a successful outcome benefitting both the countries
Speaking about Turkey, Mr Bahadir Kalaegasi, International Coordinator, Turkish Industry and Business Association (TUSIAD), said Turkey being at the crossroads of Europe and Asia, offered distinctive advantages for integrating through global value chain. Citing the example of its Customs Union agreement with the EU, he said it not only has helped Turkey to diversify its export basket, and hence suggested to trigger partnerships in the current global context. Chairing the session, Mr Malvinder Mohan Singh, Chairman, CII Northern Region and Executive Chairman, Fortis Healthcare Ltd, highlighted the criticality of leveraging Free Trade Agreements and private sector-driven investments. In his opinion, growth was going to be concentrated in the emerging markets and this opportunity should be leveraged by advanced countries.