‘Symbiosis of economic policy & diplomacy must’

New Delhi, January 25: | Updated: Jan 26 2002, 05:30am hrs
Minister of state for external affairs, Omar Abdullah has said that symbiosis between economic policy and diplomacy is essential to serve the overall national interest. The liberalising and globalising economy requires diplomatic support. However, the diplomacy has to be relevant to the changing definition of the national interest and national priorities, Mr Abdullah said while inaugurating the 2002 edition of ‘India business opportunities’ at a meeting jointly organised by Federation of Indian Chambers of Commerce and Industry (Ficci) and ministry of external affairs.

He said that economic diplomacy is no less a demanding proposition than the classical diplomacy. Economic diplomacy is more than the simple sum of two parts and calls for harmonising the disparate national interests in economic and diplomatic domains hitherto existing in isolation, he said.

Ficci secretary general in his presentation on foreign direct investment (FDI) said according to a survey conducted by Ficci - on the experience of FDI in India, 87 per cent of the respondents felt that manpower skills are good and 74 per cent found the profitability to be good to average. The survey pointed out that almost 56 per cent of the respondents are planning to expand their operations in India. It has been found that there are still ground level obstacles like lack of infrastructure, complex taxation regime, bureaucracy at lower levels, weak image of India outside the country, multiplicity of agencies and complex labour laws.