Centre of economic gravity shifting to Asia: Kamal Nath

Bangalore, January 18 | Updated: Jan 19 2007, 05:30am hrs
Twenty first century is the century of interdependence and would witness the integration of world economies, according to commerce and industry minister Kamal Nath.

Participating in a session on 'Does the 21st century belong to Asia' at the CII Partnership Summit 2007 in Bangalore on Thursday, Nath observed that while the 20th century witnessed a large number of countries gaining independence from colonial rules, the 21st century would be a century of growing interdependence among nations.

He opined that a new global economic architecture is shaping up and agreements harnessing opportunities arising out of synergies in the era of globalsiation are being inked. He stated that past is not a model for future and the world needed to simulate the future looking at the present. He envisaged greater interdependence as a new basis of relationship across the world.

He referred to the compelling Asian impact on the global economy and the fact that the centre of economic gravity was shifting steadily to Asia, including in the sphere of research and development (R&D). Cooperation and partnership of nations would be the key to future prosperity of the world, he said.

In his address, George Yong-Boon Yeo, minister of foreign affairs, Singapore, said that one should take a modest view of the historical process of globalisation avoiding mistakes. He said economic and cultural relations are vital factors to steer Asia as an economic power.