IN RetRospect - South Asia Economic Conclave

28-30 September 2015 • The Lalit, New Delhi
IN Retrospect
T
objective of this Conclave was to
stimulate informed dialogue between
the private sector and government to
promote regional integration.
The theme of the Conclave was
‘Achieving Inclusive Growth through
Deeper Economic Integration’. The
Over 300 delegates from all eight
South Asian countries participated in
the Conclave where Ministers from
South Asian countries have addressed
the Conclave as well as experts from
diverse fields including industry,
think tanks, policymakers, multilateral
organizations, and media and
entertainment leaders. The Conclave
discussed the most crucial issues of
regional integration in South Asia.
he first edition of South Asia
Economic Conclave (SAEC) was
organized by the Confederation
of Indian Industry (CII) in partnership
with the Department of Commerce,
Ministry of Commerce and Industry,
Government of India and counterpart
business associations of South Asia
with support from the World Bank
Group from Monday, 28 September
to Wednesday, 30 September 2015 in
New Delhi, India.
Inaugural Session
While delivering his inaugural address,
Mr Suresh Prabhu, hon’ble Minister of
Railways, Government of India stated that
the SAARC member nations would benefit
exponentially by deepening regional
cooperation in area of agriculture which
is the main source of livelihood for the
majority of people living in the region.
Mr Prabhu stated emphatically that if
the future belongs to Asia, the future lies
in South Asia. The South Asian region,
with about 1.6 billion population, has the
critical mass to sustain rapid growth.
(From L to R) Amb Tariq Karim, Former Bangladesh High Commissioner to India and Advisor, Regional Integration
South Asia Region, the World Bank, Dr Ishrat Husain, Dean and Director, Institute of Business Administration (IBA),
Pakistan, Ms Jyoti Malhotra, Senior Writer, India Today, India, Dr Indrajit Coomaraswamy, Former Director of
Economic Affairs, Commonwealth Secretariat, Sri Lanka and Mr R V Shahi, Former Power Secretary, Government
of India
In Conversation: Championing
One South Asia
The Conclave opened with a session
titled ‘In Conversation: Championing One
South Asia.’ Ms Jyoti Malhotra, Senior
Writer, India Today, urged the panel to
deliberate upon the achievements and
disappointments that South Asia as a
region has experienced in the last 30
years.
Dr Ishrat Husain, Dean and Director,
Institute of Business Administration
(IBA), Pakistan spoke about the need for
regional integration. He said that cultural
contiguity should serve as the bedrock
for integration. South Asia is a natural
economic union. The way to progress
would be empowering the younger
generation to take over the mantle
of leadership.
2 | South Asia Economic Conclave (SAEC)
Dr Indrajit Coomaraswamy, Former
Director of Economic Affairs,
Commonwealth Secretariat, Sri Lanka,
said that the smaller economies in the
region stood to gain more from the
regional economic integration. “Instead,
economic integration will lead to stronger
export orientation of the regional
economies and greater intra-regional
trade,” he told.
Mr R V Shahi, Former Power Secretary,
Government of India highlighted
the importance of regional energy
cooperation, with emphasis on power
generation and distribution. Ambassador
Tariq Karim, Former Bangladesh High
Commissioner to India and Advisor,
Regional Integration, South Asia
Region, the World Bank, highlighted the
need to deepen cooperation for water
management.
Ms Annette Dixon, Vice President – South
Asia, The World Bank, said that closer
regional cooperation will not only deliver
economic benefits to the people but
also help the member states to deal with
natural disasters more effectively.
Earlier, Mr Sunil Kant Munjal, Chairman
– Steering Committee, South Asia
Economic Conclave, Past President, CII
(From L to R) Mr Suresh Prabhu, Minister of Railways,
Government of India, Mr Suraj Vaidya, PresidentDesignate, SAARC Chamber of Commerce and Industry,
Nepal, Ms Annette Dixon, Vice President – South Asia,
the World Bank, Mr Chandrajit Banerjee, Director
General, CII, Mr Sunil Kant Munjal, Chairman – Steering
Committee, South Asia Economic Conclave, Past
President, CII and Chairman, Hero Corporate Services,
Dr Diwesh Sharan, Deputy Director General, Asian
Development Bank
and Chairman, Hero Corporate Services,
suggested that the South Asian countries
could consider developing a regional ‘Ease
of Doing Business’ ranking index, such
that it helps the regional economies in
their growth process.
Dr Diwesh Sharan, Deputy Director
General, Asian Development Bank, Mr
Suraj Vaidya, President Designate, SAARC
Chamber of Commerce & Industry and Mr
Chandrajit Banerjee, Director General, CII
too addressed the inaugural session.
Trade Integration Experiences
from other parts of the World
The session was opened with initial
welcome remarks by Mr T V Narendran,
Co-Chairman-Steering Committee, South
Asia Economic Conclave and Managing
Director, Tata Steel, India. Ms Anabel
Gonzalez, Former Trade Minister of
Costa Rica and Senior Director, World
Bank Group Global Practice on Trade and
Competitiveness, provided an analytical
view of how South Asia stands to benefit
from regional integration. She added that
it’s a critical part of the plan of World
(From L to R) Ms Anabel Gonzalez , Former Trade
Minister of Costa Rica and Senior Director, World Bank
Group Global Practice on Trade and Competitiveness
and Mr T V Narendran, Deputy Chairman, CII Eastern
Region and Managing Director, Tata Steel Limited
South Asia Economic Conclave (SAEC) | 3
Bank to eradicate poverty by 2030. This
plan includes two objectives. The first one
is to expand opportunities for companies
to engage in trade in South Asia and the
second one is reducing trade costs.
Investment across Borders:
The Potential and the
Pioneers
Mr Yaduvendra Mathur, Chairman
and Managing Director, EXIM Bank of
India, spoke about energy cooperation
paving the way for improved economic
integration. Referring to the India-Bhutan
and India-Nepal power projects, he said
that bilateral cooperation endeavours
could be leveraged to build a regional
power grid.
Ms L Savithri, Director, SAARC
Secretariat, Nepal, mentioned that a South
Asian Economic Union is being discussed.
She stated that private sector helps to
rebuild confidence among the countries
to engage with each other. Ms Priti
Chakraborty, Member-India Bangladesh
Chamber of Commerce and Industry and
Chairperson, Ayesha Memorial Hospital,
Bangladesh, mentioned that the next
decade holds inspiring possibilities and
healthcare services make for ideal crossborder partnerships. Strengthening PPP
model is essential to catapulting the
region’s economic growth.
The session was chaired by Ms Shilpa
Kannan, Business Reporter, BBC World
Television. The other speakers were Mr
Zabihullah Ziarmal, CEO, CEFE Group,
Afghanistan; Mr Radhesh Pant, CEO,
Investment Board, Nepal and Mr Kaustubh
Mittal, Managing Director, Sugam Group
Ltd, India.
Doing Business in South Asia
Mr B S Bhalla, Joint Secretary, Department
of Industrial Policy and Promotion
(DIPP), Ministry of Commerce & Industry,
Government of India, said in his opening
remarks that the imperatives for building
an enabling environment for cross-border
business are liberal visa arrangements,
seamless movement of goods by road
and rail, electronic data exchange at all
(From L to R) Mr Radhesh Pant, Chief Executive Officer, Investment Board, Nepal, Ms Priti Chakraborty, Member India
Bangladesh Chamber of Commerce and Industry and Chairperson, Ayesha Memorial Hospital (Pvt.) Ltd, Bangladesh,
Mr Zabihullah Ziarmal, Chief Executive Officer, CEFE Group, Afghanistan, Ms L Savithri, Director (Economic, Trade
and Finance Division), SAARC Secretariat, Nepal, Ms Shilpa Kannan, Business Reporter, BBC World Television, India,
Mr Yaduvendra Mathur, Chairman and Managing Director, EXIM Bank, India and Mr Kaustubh Mittal, Managing
Director, Sugam Group Ltd, India.
4 | South Asia Economic Conclave (SAEC)
(From L to R) Ms Ibthishama Ahmed, Chairperson, Maldives Tourism Development Corporation, Maldives, Ms Chimi
Zangmo, Founder and Chief Executive Officer, M/s Dorji Element – Hotel, Bhutan, Mr K B Ahmed, Member India
Bangladesh Chamber of Commerce and Industry and Managing Director, Mohona Holdings, Bangladesh, Mr B S
Bhalla, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Ms Suhasini Haidar, Diplomatic Affairs Editor,The Hindu, India, Mr Sunil Kant Munjal, Past President, and Chairman,
CII Task Force on Ease of Doing Business, and Chairman, Hero Corporate Services Limited, India, Mr Padma
Jyoti, Former President ,FNCCI and Chairman Jyoti Group, Nepal, Ms Huma Fakhar, Chief Executive Officer, MAP
Services Group, Pakistan and Mr Abdul Qadir Bahman, Deputy Chief Executive Officer, Technical and Policy Affairs,
Afghanistan Chamber of Commerce and Industries, Afghanistan
major ports, harmonisation of standards
pertaining to items of regional trade, and
improved customs infrastructure.
Mr Padma Jyoti, Former President, FNCCI
and Chairman, Jyoti Group, Nepal said
that the private sector can play a part in
bringing about peace in the region while
promoting the prosperity of all South
Asian societies. Mr Sunil Kant Munjal said
in his concluding remarks that effective
communication between the regional
countries will induce governments to
take an objective view of the issues
that underpin South Asian bilateral and
multilateral relations.
The session was also addressed by many
renowned speakers including Mr Abdul
Qadir Bahman, Deputy-CEO, Technical
and Policy Affairs, ACCI, Afghanistan,
Ms Huma Fakhar, CEO, MAP Services
Group, Pakistan, Mr K B Ahmed, MemberIBCCI and Managing Director, Mohona
Holdings, Bangladesh, Ms Chimi Zangmo,
Founder and CEO, M/s Dorji Element
– Hotel, Bhutan and Ms Ibthishama
Ahmed, Chairperson, Maldives Tourism
Development Corporation, Maldives.
The session was chaired by Ms Suhasini
Haider, Diplomatic Affairs Editor, The
Hindu.
Role of Media in Economic
Integration
Ms Indrani Bagchi, Diplomatic Editor of
The Times of India, said in her opening
remarks that the media – print, radio,
TV and digital – could play a key part in
influencing the South Asian countries to
surmount the political barriers and further
the regional economic integrative process.
Mr Lotfullah Najafizada, Director,
TOLOnews TV, Afghanistan, underlined
the need for greater exchanges and
collaborative arrangements between
media players in different South Asian
South Asia Economic Conclave (SAEC) | 5
(From L to R) Mr Amin Hashwani, Executive Director, Hashwani Group of Companies, Pakistan, Mr Ashok Tirwa,
Bhutan Broadcasting Service, Bhutan, Mr Najam Sethi, Editor-in-Chief, The Friday Times, Pakistan, Ms Indrani Bagchi,
Diplomatic Editor, Times of India, India, Mr Kanak Mani Dixit, Chair, The Southasia Trust, Nepal, Mr Toufique Imrose
Khalidi, Publisher, Editor-in-Chief, and co-owner bdnews24.com, Bangladesh, and Mr Lotfullah Najafizada, Director,
TOLOnews TV, Afghanistan.
countries. Mr Najam Sethi, Editor-in-Chief,
the Friday Times, Pakistan, said that the
South Asian societies are young and so
nationalism is strong.
Other speakers include Mr Toufique
Imrose Khalidi, Publisher, Editor-in-Chief,
and co-owner bdnews24.com, Bangladesh,
Mr Kanak Mani Dixit, Founding Editor
of Himal South Asian, Nepal, Mr Ashok
Tirwa, Bhutan Broadcasting Service,
Bhutan, and Mr Amin Hashwani,
Executive Director, Hashwani Group of
Companies, Pakistan.
Expanding Intraregional
Trade: Drawing Lessons from
ASEAN and NAFTA
Mr Arvind Subramanian, Chief Economic
Advisor, Ministry of Finance, Government
of India, stated the dissimilarities between
the economies of NAFTA and ASEAN and
those of South Asia and hence said the
NAFTA model has limitations with respect
to the South Asian context.
Mr Ishrat Hussain, Dean and Director,
6 | South Asia Economic Conclave (SAEC)
IBA, Pakistan, stated that efforts directed
toward poverty reduction, employment
generation and other developmental
initiatives should be linked with regional
trade integration. Ms Beatriz Leycegui
Gardoqui, Former Undersecretary for
Foreign Trade, Ministry of Economy,
(From L to R) Ms Beatriz Leycegui Gardoqui, Former
Undersecretary for Foreign Trade, Ministry of Economy,
Mexico and Partner, SAI Law & Economics, Mexico,
Prof. Abdul Wassay Haqiqi, Senior Advisor, Afghanistan
Chamber of Commerce and Industry, Dr Arvind
Subramanian, Chief Economic Advisor, Ministry of
Finance, Government of India, Mr T V Narendran, CoChairman – Steering Committee, South Asia Economic
Conclave and MD, Tata Steel, India, Dr Ishrat Husain,
Dean and Director, Institute of Business Administration
(IBA), Pakistan, Dr Harsha Vardhana Singh, Former
Deputy Director General, WTO, Dr Saman Kalegama,
Executive Director, Institute of Policy Studies, Sri
Lanka, and Dr Jayant Menon, Lead Economist, Asian
Development Bank.
Mexico, pointed out the changes in the
Mexican economy and a significant hike in
exports during the post-NAFTA period.
have increased. She urged the regional
governments to prepare a roadmap for a
South Asian Development Bank.
The session was also addressed by Mr
Abdul Wassay Haqiqi, Senior Advisor,
ACCI, Dr Saman Kalegama, Executive
Director, Institute of Policy Studies, Sri
Lanka, Dr Harsha Vardhana Singh, Former
Deputy-DG, WTO and Mr Jayant Menon,
Lead Economist, ADB. The session was
chaired by Mr T V Narendran, CoChairman – Steering Committee, South
Asia Economic Conclave and MD, Tata
Steel.
Mr Tofail Ahmed, hon’ble Commerce
Minister, Government of People’s Republic
of Bangladesh, said that countries of the
region should take active measures to
bring down tariff and non-tariff barriers
that limit the expansion of regional trade.
Mr Sunil Bahadur Thapa, hon’ble Minister
of Commerce and Supplies, Government of
Nepal, said in his address that if EU could
achieve economic integration, so can
South Asia.
The Power of 1.6 billion: A
Blueprint for Prosperity
Mr Abdulla Jihad, hon’ble Minister
of Finance, Government of Maldives,
Mr Lyonpo Norbu Wangchuk, hon’ble
Minister of Economic Affairs, Government
of Bhutan, Dr Sanjay Kathuria, Lead
Economist, South Asia Regional
Integration, the World Bank, Dr C Raja
Mohan, Head – Strategic Studies and
Distinguished Fellow, ORF and Mr
Chandrajit Banerjee, DG, CII, were other
speakers.
Ms Nirmala Sitharaman, hon’ble Minister
of State for Commerce & Industry,
Government of India, said that the
re-integration will gain traction as the
economies do away with the negative
lists. She noted that after India extended
the Duty Free Quote Free facility to
the least developed countries, exports
(From L to R) Dr Sanjay Kathuria, Lead Economist, South Asia Regional Integration, the World Bank, Dr C Raja Mohan,
Head – Strategic Studies and Distinguished Fellow, Observer Research Foundation, India, Mr Lyonpo Norbu Wangchuk,
Minister of Economic Affairs, Government of Bhutan, Mr Tofail Ahmed, Commerce Minister, Government of People’s
Republic of Bangladesh, Ms Nirmala Sitharaman, Minister of State for Commerce & Industry, Government of India,
Mr Sunil Bahadur Thapa, Minister of Commerce and Supplies, Government of Nepal, Mr Abdulla Jihad, Minister of
Finance, Government of Maldives and Mr Chandrajit Banerjee, Director General, CII
South Asia Economic Conclave (SAEC) | 7
The Secrets and Successes
of Value Chains: Learning
from ASEAN
Chairing the panel discussion, Dr Indrajit
Coomaraswamy said that while total trade
between the developing economies adds
up to a high $27 trillion, intra-regional
trade in South Asia is only a small fraction
of the total trade between developing
economies.
Mr Jose Guilherme Reis, Practice
Manager, Trade and Competitiveness,
the World Bank looked forward to see
the South Asia integrated with the Global
Value Chains. Mr Syed Yawar Ali, CoChair Pakistan India Joint Business Forum
and Chairman, Nestle Pakistan Limited,
Pakistan focused on following issues at
large – visa liberalization, enhanced role
|of India-Pakistan Joint Business Forum
and lowering customs duties.
Other prominent speakers include
Mr Swarnim Wagle, Member, National
Planning Commission, Government
of Nepal, Mr Jahangir Bin Alam, Secretary
and CEO, IBCCI, Mr Karma Dhendup,
Member-BCCI and Managing Director,
M/s Athang ICTech, Bhutan and Mr Vineet
Agarwal, Managing Director, Transport
Corporation of India (TCI), India.
Can Creative Industries
Bridge the Barriers?
The session was chaired by Ms Fatima
Mahdi Karan, Consulting Editor,
Bloomberg TV India, and co-chaired by
Ms Neha Kirpal, Founder, The Indian
Art Fair, India. Ms Karan asserted the
critical importance of promoting cultural
interaction between the South Asian
societies in regional integration.
Ms Sharmistha Chatterjee, Lead Vocalist,
Mekaal Hasan Band, India said that
cultural interaction will help the South
Asian societies to rediscover the shared
heritage. Educational institutes can help
us in bridging the gaps,” she said. Mr
Ugyen Pandey, Artist, Bhutan urged the
SAARC nations to “reach out to each
(From L to R) Mr Karma Dhendup, Member Bhutan Chamber of Commerce & Industry & Managing Director, M/s
Athang ICTech, Bhutan, Mr Syed Yawar Ali, Co-Chair, Pakistan India Joint Business Forum and, Chairman, Nestle
Pakistan Limited, Pakistan, Mr Jahangir Bin Alam, Secretary and Chief Executive Officer, India-Bangladesh Chamber
of Commerce and Industry, Bangladesh, Mr Swarnim Wagle, Member National Planning Commission, Government of
Nepal, Dr Indrajit Coomaraswamy, Former Director of Economic Affairs, Commonwealth Secretariat, Sri Lanka, Mr
Jose Guilherme Reis, Practice Manager, Trade and Competitiveness, World Bank and Mr Vineet Agarwal, Managing
Director, Transport Corporation of India (TCI), India
8 | South Asia Economic Conclave (SAEC)
(From L to R) Mr Mekaal Hasan, Founder and Composer, Mekaal Hasan Band, Pakistan, Ms Neha Kirpal, Founder,
The Indian Art Fair, India, Ms Fatima Mahdi Karan, Consulting Editor, Bloomberg TV India, India, Mr Ugyen Panday,
Artist, Bhutan, Ms Sharmistha Chatterjee, Lead Vocalist, Mekaal Hasan Band, India.
other through music”. Mr Mekaal Hasan,
Founder and Composer, Mekaal Hasan
Band, Pakistan, said that private sector
can play an active part in promoting intraregional cultural ties.
Special Plenary Session
Mr Nitin Gadkari, hon’ble Minister of Road
Transport and Highways, Government of
India, said that the ministry is working
towards establishing a ‘waterport’ – a
waterways port – in Sahibganj in the state
of Jharkhand that will accelerate import
(From L to R) Mr Sunil Kant Munjal, Chairman –
Steering Committee South Asia Economic Conclave, Past
President, CII and Chairman, Hero Corporate Services,
India, Mr Nitin Gadkari, Minister of Road Transport
and Highways, Government of India, and Mr Chandrajit
Banerjee, Director General, CII
and export of goods between India and
Bangladesh. Mr Gadkari said that the
Government has planned for establishing
multi-modal hubs in Varanasi in Uttar
Pradesh, Sahibganj, and Haldia in West
Bengal.
Mr Sunil Kant Munjal and Mr Chandrajit
Banerjee were other speakers.
Powering South Asia:
Connecting Grids
Mr R V Shahi mentioned that the bilateral
energy cooperation gained significant
momentum in the last five years. The
bilateral arrangements enable the
countries to bridge the power gaps in the
region and effectively deal with issues
linked with seasonality of power surplus
and deficit.
Mr Nadeem Babar, Founder and MD,
Orient Power Company (P) Ltd, Pakistan,
said that power should eventually become
a commodity that can be traded across the
entire region, meeting the shortfalls in an
efficient manner. Amb Tariq Karim said
South Asia Economic Conclave (SAEC) | 9
Director, Centre for South Asian Studies,
Nepal called for lifting the restrictions on
visa granted to students from the region.
From L to R) Mr R V Shahi, Amb Tariq Karim, Mr Nadeem Babar, Founder and Managing Partner, Orient Power
Company (P) Ltd, Pakistan, Mr Banmali Agrawala, President & CEO, GE South Asia, India, Ms Mini Menon, Executive
Editor, Bloomberg TV India. India, Mr Gyanendra Lal Pradhan, Chairman, Energy Council, FNCCI, Nepal, Mr Deepak
Amitabh, Chairman and MD, PTC India Limited, India, Mr Raghuveer Sharma, Chief Investment Officer, IFC, and Mr
Salman Zaheer, Director-Regional Integration-South Asia, the World Bank.
that while regional energy cooperation will
take time to fructify, countries should view
bilateral energy cooperation as building
blocks to reinforce energy security in
South Asia.
Ms Mini Menon, Executive Editor,
Bloomberg India, chaired the session.
Other speakers of the session were Mr
Banmali Agrawala, President & CEO, GE
South Asia, India, Mr Salman Zaheer,
Former Director, Regional Integration for
South Asia, World Bank, Mr Raghuveer
Sharma, Chief Investment Officer, IFC, Mr
Gyanendra Lal Pradhan, Chairman, Energy
Council, FNCCI, Nepal, and Mr Deepak
Amitabh, CMD, PTC India Limited, India.
Writing a New Chapter
through People-to-People
Contacts
Mr Syed Munir Khasru, Chairman, IPAG
& Professor, IBA, University of Dhaka,
Bangladesh underlined the need for
greater involvement of youth for regional
integration. Dr Nishchal N Pandey,
(From L to R) Dr Nishchal N Pandey, Director, Centre for South Asian Studies, Nepal, Mrs Habiba Sadeqi, President,
Female Entrepreneurs Association (Peace Through Business Network), Afghanistan, Mr Syed Munir Khasru, Professor,
IBA, University of Dhaka, Bangladesh, Mr SP Kalaunee, Director of Governance and Partnership, Possible Health,
Nepal, Mr Qasim Jafri, COO, Nishat Hotels & Properties, Pakistan, Mr D N V Kumara Guru, Immediate Past National
Chairman-Yi Director-External Relations, ISB, India, Ms Kavita A Sharma, President, SAU, India, Mr Shaurya
V Himatsingka ,National Chairman Yi and Deputy-MD, India Carbon Ltd, India and Mr Aditya Berlia, Member
Management Board, Apeejay Stya and Svran Group, India.
10 | South Asia Economic Conclave (SAEC)
Mr D N V Guru, Immediate Past National
Chairman – Yi & Director – External
Relations & HR-ISB, chaired the session.
Other eminent speakers include Mr SP
Kalaunee, Director of Governance and
Partnership, Possible Health, Nepal, Mr
Aditya Berlia, Member, Management
Board, Apeejay Stya & Svran Group, India,
Mr Shauraya V Himatsingka, National
Chairman Yi and Deputy Managing
Director, India Carbon Ltd, Mr Syed
Qasim Jafri, Co-chair Culture & Tourism
Taskforce, India Pakistan Joint Forum
and COO, Nishat hotels & Properties,
Ms Habiba Sadeqi, President, Female
Entrepreneurs Association (Peace Through
Business Network), Afghanistan and Ms
Kavita A Sharma, President of South Asian
University.
Valedictory Session
In delivering the valedictory remarks, Mr
Piyush Goyal, hon’ble Minister of State
for Power, Coal and New and Renewable
Energy, Government of India, said the
regional economies could leverage the
unique strengths of each other to drive
growth and development in the region.
Mr Onno Ruhl, Country Director, the
World Bank, said that regional integration
is a long-drawn process. He said that
World Bank will play an active part in
catalysing the South Asian economic
integration and could put up monitoring
mechanisms for the same.
Dr Naushad Forbes, President Designate,
CII and Director, Forbes Marshall Pvt Ltd
and Mr Chandrajit Banerjee, Director
General, CII were the other speakers.
Business Meetings
and Media Coverage
Business to Business (B2B) meetings at
the first edition of South Asia Economic
Conclave in 2015 were powered by CII’s
Online Business Resource Centre - mycii.
in. The Conclave witnessed over 117+
active and efficient meetings between
national, regional and international
delegates which were pre-scheduled
(From L to R) Mr Chandrajit Banerjee, Dr Naushad Forbes, President Designate, CII and Director, Forbes Marshall Pvt
Ltd, India, Mr Piyush Goyal, Minister of State for Power, Coal and New and Renewable Energy, Government of India,
Mr Onno Ruhl, Country Director, the World Bank, and Dr Sanjay Kathuria
South Asia Economic Conclave (SAEC) | 11
through the portal. More than 250
delegates registered over the portal.
The Conclave got extensive media
coverage across the region. Moreover,
its active social media strategy through
Facebook, LinkedIn and Twitter received
wide followership across the region.
Key Recommendations
Doing Business in South Asia
• The imperatives for building an enabling
environment for cross-border business
are liberal visa arrangements, seamless
movement of goods by road and rail,
electronic data exchange at all major
ports, harmonization of standards
pertaining to items of trade, improved
customs infrastructure, etc.
• The regional governments should
facilitate freer movement of capital
across the region, which may be
achieved through harmonization trade
practices, better trade facilitation and
improvements in transit infrastructure.
• South Asia can emerge as the global
production hub. For this, focus upon
building a digital neighborhood.
12 | South Asia Economic Conclave (SAEC)
Role of Media in Economic Integration
• India should take a lead in promoting the
exchange of media professionals across
the region
The Power of 1.6 billion people
• The South Asian regional governments
should look to prepare a roadmap for
establishing a South Asian Development
Bank.
• A key part of the Indian outbound FDI
should be directed to the South Asian
economies. Currently, 95% of India’s
outbound FDI goes to markets well
beyond South Asia.
• Tourism is another area where the South
Asian economies can achieve significant
dividends through joint initiatives and
cooperation endeavours.
• Key steps are needed for the region to
achieve intra-regional trade target of
$100 billion in the next 5 years.
Physical infrastructure
• Inland waterways will not only offer
economical transportation of passengers
and bulk cargo between different parts
of India but could also facilitate greater
trade flows with the neighbouring
countries like Bangladesh.
• An international arm of NHA is being
planned to extend expertise to the South
Asian countries for the development of
roads, highways, expressways, bridges,
etc.
Powering South Asia
• South Asian region will require
investment of up to $300 billion over the
next 10-15 years to build reliable power
infrastructure across the region
• Bilateral energy cooperation models can
be developed to build a regional energy
cooperation model. Nodal agencies
may be developed to drive the regional
energy cooperation, to oversee matters
like regulatory provisions, commercial
arrangements, etc.
• Risks in power need to be appropriately
bundled to attract private investments in
the power sector.
Agriculture
• SAARC member nations would benefit
exponentially by deepening regional
cooperation in area of agriculture.
The SAARC countries would do well
to learn from each other’s strengths in
the agriculture sector, as well as adopt
cropping patterns that are suited to
the agro-climate zones of each of the
countries. This would greatly enhance
the overall agriculture productivity in the
region.
• There is the need for deeper regional
cooperation in the area of agriculture
research and sharing of expertise in
pre- and post-harvest practices for the
common good of the region.
Renewables
• Promote deep regional cooperation
in energy development, especially
renewables like hydropower, wind
energy, etc.
SMEs
• The private sector – including SMEs –
could play a catalytic role in the region’s
economic progress through FDI.
Currently, intra-regional FDI is a mere
2% of the overall FDI inflows into the
region.
South Asia Economic Conclave (SAEC) | 13
Voices
“If the future belongs to Asia, the future lies in
South Asia. The South Asian region, with a 1.6 billion
population, has the critical mass to sustain rapid growth.
Down the years, human capital that moved from the region
to the outside world has excelled in various fields.”
Mr Suresh Prabhu, Minister of Railways, Government of India
Ministry of Road Transport and Highways plans to set
up an NHA International arm that will drive roads and
highways projects development to connect the neighbouring
countries. The international arm could also extend its
expertise to the South Asian countries for the development
of roads, highways, expressways, bridges, etc.”
Mr Nitin Gadkari, Minister of Road Transport and Highways,
Government of India
“To accelerate intra-regional trade and regional economic
integration, free trade areas need to be established.
Due efforts need to be taken to conclude the SAARC
Motor Vehicles Agreement which will provide significant
impetus to regional trade and movement of goods.
Tourism is an area where the South Asian economies can
achieve significant dividends through joint initiatives and
cooperation endeavors.”
Ms Nirmala Sitharaman, Minister of State for Commerce & Industry,
Government of India
Stronger economic cooperation between the South Asian
countries will not only help the governments in meeting the
inclusivity goals but also bring about sustained peace and
security across the region. SAARC countries could support
each other in collectively meeting power-related challenges
and to bridge the deficits caused by seasonality factors, etc.”
Mr Piyush Goyal, Minister of State for Power, Coal and New and
Renewable Energy, Government of India
“Certain spheres including power, infrastructure and
services India stands to benefit from regional cooperation.
Although economic cooperation with South Asia is an
important objective, it is not an overwhelming economic
objective for India currently.”
Mr Arvind Subramanian, CEA, Ministry of Finance, India
South Asia is today the fastest growing region in the world.
The SAARC states should find ways to promote intraregional trade and reduce the cost of doing trade with
each other. Free trade in electricity alone will deliver huge
economic benefits to the entire region and also help cut
down CO2 emissions.”
Ms Annette Dixon, Vice President – South Asia, the World Bank
“Greater people-to-people contacts will go a long way
toward deepening the regional cooperation. Visas to travel
across the region should be easily available to the people of
the region. Due measures are needed to help businesses to
set up their operations in each other’s countries.”
Dr Naushad Forbes, President Designate, CII and Director
Forbes Marshall Pvt Ltd
“The South Asian countries could consider developing a
regional ‘Ease of Doing Business’ ranking index, such that
it helps the regional economies in their growth process.
Business could play a key part in cementing the bilateral ties.”
Mr Sunil Kant Munjal, Chairman – Steering Committee South Asia
Economic Conclave, Past President, CII and Chairman, Hero Corporate
Services
“Private sector has unprecedented role to play in promoting
the regional economic dialogue, which found expression
at this first ever South Asia Economic Conclave. The task
forces set up for South Asian cooperation in the areas of FDI
flows, people-to-people contacts, trade and infrastructure,
trade facilitation and energy development will serve as
accelerators for deep regional cooperation.”
Mr Chandrajit Banerjee, Director General, CII
14 | South Asia Economic Conclave (SAEC)
South Asia Economic Conclave (SAEC) | 15
Media Coverage
16 | South Asia Economic Conclave (SAEC)
South Asia Economic Conclave (SAEC) | 17
Snapshots
18 | South Asia Economic Conclave (SAEC)
South Asia Economic Conclave (SAEC) | 19
The Confederation of Indian Industry (CII) works to create and sustain an environment
conducive to the development of India, partnering industry, Government, and civil
society, through advisory and consultative processes.
CII is a non-government, not-for-profit, industry-led and industry-managed organization,
playing a proactive role in India’s development process. Founded in 1895, India’s premier
business association has over 8000 members, from the private as well as public sectors,
including SMEs and MNCs, and an indirect membership of over 200,000 enterprises
from around 240 national and regional sectoral industry bodies.
CII charts change by working closely with Government on policy issues, interfacing with
thought leaders, and enhancing efficiency, competitiveness and business opportunities
for industry through a range of specialized services and strategic global linkages. It also
provides a platform for consensus-building and networking on key issues.
Extending its agenda beyond business, CII assists industry to identify and execute
corporate citizenship programmes. Partnerships with civil society organizations carry
forward corporate initiatives for integrated and inclusive development across diverse
domains including affirmative action, healthcare, education, livelihood, diversity
management, skill development, empowerment of women, and water, to name a few.
In its 120th year of service to the nation, the CII theme of Build India - Invest in
Development: A Shared Responsibility, reiterates Industry’s role and responsibility as a
partner in national development. The focus is on four key enablers: Facilitating Growth
and Competitiveness, Promoting Infrastructure Investments, Developing Human
Capital, and Encouraging Social Development.
With 66 offices, including 9 Centres of Excellence, in India, and 8 overseas offices in
Australia, Bahrain, China, Egypt, France, Singapore, UK, and USA, as well as institutional
partnerships with 312 counterpart organizations in 106 countries, CII serves as a
reference point for Indian industry and the international business community.
Confederation of Indian Industry (CII)
The Mantosh Sondhi Center, 23 Institutional Area
Lodhi Road, New Delhi 110003, India
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