South Asia: an ideal region for diversifying investments
An envoy has called for regional engagement with “India First and Neighbourhood First” policy for the South Asian engagement.
“The engagement should be stepped up in alignment with India First and Neighbourhood First policy. We need to harness geographical proximity and the diverse product range of items which India can export,” said Sanjay Sudhir, the Indian High Commissioner to the Maldives.
Speaking at the South Asia Session on Reimagining Neighbourhood Economic Integration at LEADS 2020 on 15 Oct, he said, “We can promote economic self-reliance for our neighbours for mutual benefit.
“There is a lot of scope for the Indian hospitality market and healthcare industry. Another promising sector is the housing sector,” added Sudhir, inviting the Indian industry giants to explore trade and business opportunities in the Maldives.
The region has immense economic and political cooperation, noted Smriti Irani, Minister for Textiles and Women & Child Development, at the session.
“Economic integration gives way to economic growth and economic integration in South Asia can not only help to sustain our economic agendas but also lead to enhanced trade due to comparative advantages, free trade regime, investment opportunities due to the availability of a large market, availability of cheap capital, regional supply chains.
“It can also lead to the manufacturing of cheaper consumer goods, low food prices and create much-needed jobs,” said the Indian Minister.
India has the vision of a stable, integrated, prosperous region, regional economic growth and social development through a calibrated and systematic strategy of engagement with neighbours to create successful partnerships, added Dr. Sangita Reddy President of FICCI which organized the session.
“FICCI acknowledges that it is extremely important for us to find ways to reimagine our economic and bilateral relations with our neighbours and rekindle our shared values and complementarities to enhance economic integration,” stressed Dr. Reddy.
She highlighted that the COVID-19 induced pandemic has brought to the fore the inadequacies of the healthcare systems across the world.
“The countries of South Asia will need to be better prepared and equipped to handle such health crises, which would require envisioning advanced healthcare systems, collective efforts by the decision-makers, policy shapers and civilians to deal with future pandemics,” she said.
South Asia is in an ideal position to attract diversification of investment and supply chain and become the hub of the supply chains, according to Bhawani Rana, President, Federation of Nepalese Chamber of Commerce and Industry.
“It is also one of the major regions that can bounce back with resilience to thrive post-COVID in the world order,” said Rana, who is also MD, Hotel Sneha Pvt Ltd; Chairperson, Sneha Agro and Fortuna Healthcare, Nepal.
South Asia requires to concentrate on forming and convening new intra-regional frameworks to enable profound discussions on major policy issues to ensure private sector-oriented policy formulations, added Dr Massoud Parwanfar, CEO, Afghan Chamber Federation Afghanistan, calling for the strengthening of existing regional platforms,
Nishal Ferdinando, CEO, JAT Holdings of Sri Lanka, called for opportunities for engagement to create common labour regulations, the direct exchange of currency, enhanced connectivity and prevent brain drain by creating job and education opportunities at home. #investment #manufacturing #projects #developments #exports /fiinews.com
