MOIA invites inputs for creation of an enabling business environment at CII Invest North 2014

Government of India has been continuously working to enhance engagement with Indian Diaspora with its multifarious activities targeted at reaping mutual benefits and growth. The Pravasi Bharatiya Divas, Know India Programme, etc are some of the flagship events of the ministry which have been over a period of time strengthening both social and economic relationships, said Mr T K Manoj Kumar, Joint Secretary, Ministry of Overseas Indian Affairs, Government of India during his address at the CII Invest North 2014 here in New Delhi.

Mr Kumar highlighted the initiatives of the Ministry of Overseas Indian Affairs for attracting investments from the Indian Diaspora:

·         Pravasi Bharatiya Divas is being organized every year which receives huge participation from global Indian Diaspora.

·         State specific sessions are organized during the PBD to showcase the strengths of the states.

·         An exhibition is also organized coinciding with the mega event which especially provides a platform to the industries from the SME sector to showcase their abilities and network for business development.

·         Overseas Citizens of India (OCI) card scheme has been started which provides free lifetime Visa to overseas Indians and at present around 15.4 lakh people have registered for the same.

·         Know India Programme is organized every year for involving young Indian Diaspora.

·         Efforts are being made to take the initiatives of Overseas Indian Facilitation Centre to higher levels.

Welcoming the participants Mr Jayant Davar, Co-Chairman, Invest North 2014 and Co-Chairman & Managing Director, Sandhar Technologies Ltd opined that such platforms provide an opportunity to share best practices, ideas to improve and enhance cross border investments, sharing of best available technologies and creating a platform for sustainable growth.

Mr Davar also highlighted certain inherent advantages that vests with India:

·         A very vibrant democracy.

·         Peaceful environment and independent judiciary.

·         Demographic dividend.

·         Active participation in BRICS, SAARC, ASEAN, etc testifying the history of collaborative approach for growth.

Speaking on the occasion, Mr Joon Hwa Bin, Director, Korean Trade Centre (KOTRA) while highlighting the efforts being put up by centre for improved bilateral ties stressed that though they have witnessed simplification of procedures with coming in of the new government, however, more focus should be laid on improving transparency for building investor confidence.

Ms Nadira Hamid, Chief Operating Officer, Indo Canadian Business Chamber stressed on the need of bilateral acknowledgement of certifications for improved trade relations. She also stressed on the need of new FTAs for facilitate investments primarily in the MSME sector.

Speaking on the Indo British trade relationships, Mr Uday Dholakia, Chairman, Indo British Trade Council (IBTC) informed about that UK has guaranteed an investment of 1billion pound in India. He further expressed that FDI should be on high agenda of the Indian Government in addition to transparency and good governance.

Mr Jahangir Bin Alam, Secretary & CEO, India Bangladesh Chamber of Commerce and Industry (IBCCI) mooted for duty free bilateral trade to strengthen economic ties at both sides of the border.

Improved tax regime, ease of doing business and facilitative labour policy are three areas that need to be seriously worked on for attracting overseas investments, said Ms Dannie Chiu, Regional Director, South East Asia & India, Hong Kong Trade Development Council (HKTDC). She also invited CII and Indian Government to Hong Kong and participate in confidence building exercises with industry in Hong Kong.

Mr Aubrey Daniels, Regional Director, The American Chamber of Commerce in India emphasized on the enforcement and execution of long pending projects. He also mooted for long term tax regime for attracting investments as well as progress on civilian nuclear deal which has been long pending.

Over 250 investors, state government officials and diplomats were present during the session.

New Delhi