Asia is a buzzing hub for global trade, and emerging economies, particularly in Asia, are set to shape the rules of global trade. Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs, Government of India, expressed this at the CII Global Economic Forum 2023, themed on “Strategizing Global Prosperity Amidst Polycrisis.”
According to Ravi, the 21st century will witness a dominant multipolar world, with Asian countries playing a vital role in driving global growth. He highlighted Asia’s substantial contribution to 70% of global growth, lifting billions out of poverty, impacting global goals like Sustainable Development.
He highlighted that Asia’s economic growth is influenced by demographics, remittances, infrastructure, manufacturing, services, and conflict resolution. He stressed the vibrancy of Asia’s skilled labor and rising income levels, making it an attractive market for world trade. To address inequalities and volatility, he urged greater involvement of the MSME sector in Asian economic growth.
Issues like supply chain concentration, hidden subsidies, and geopolitical tensions were flagged by Ravi as potential threats to economic growth. He advocated for resilient supply chains, improved regulations, labor laws, and internal reforms. Highlighting the transformative potential, he said, “Digital Infrastructure can be a game changer.”
Tetsuya Watanabe, President of the Economic Research Institute for ASEAN and East Asia, noted India and ASEAN’s pivotal role in the global economy, emphasizing the resilience of regional networks. He highlighted 2023 as a momentous year with Indonesia and India hosting G20 Presidencies and G7 in Japan, underscoring the importance of trustworthy supply chains and robust connectivity for Asian prosperity.
Nadir Godrej, Chairman of Godrej Industries Limited, presented the historical context of Asia’s economic significance, calling for collective efforts to foster growth and cooperation. Mr. Chris Bradley, Director at McKinsey Global Institute, celebrated the remarkable changes in Asia, acknowledging its central role in people, trade, energy use, and other significant activities.
The CII Global Economic Forum 2023, featuring 60+ speakers, including 16 global voices, draws over 400 delegates from various countries, facilitating an enriching exchange of thoughts on global prosperity amidst challenges.
