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Economic summit to focus on impact of terrorism

The impact of post-September 11 events on economy will be discussed in detail at the three-day India Economic Summit beginning Sunday.

"In the wake of the events of September 11, the summit has been structured to reflect as many of the essential characteristics of the current situation as possible," said Collette Mathur, director of World Economic Forum, at a press conference in New Delhi Thursday.

"At a time of uncertainty, the summit India: Changing Paradigms will more than ever address the regional and global challenges confronting our societies."

The WEF and the Confederation of Indian Industry have been jointly organising the summit every year for the last 16 years to take stock of the progress and developments on the social and economic front.

Supachai Panitchpakdi, Thailand's director general-designate of World Trade Organisation, and Iran's Deputy Foreign Affairs Minister S Mohammed Hossein Adeli will be among the foreign dignitaries who will attend the summit.

Indian Finance Minister Yashwant Sinha will inaugurate the summit that will be attended and addressed by nearly 400 global trade leaders and corporate heads.

CII president Sanjeev Goenka expressed optimism that the next two quarters may see some upturn.

"Though the downslide has been halted, the sentiment is still one of despondency. Given the government commitment to strong correction, reform and growth, in the next two quarters we can expect to see the economy climbing back."

The summit will discuss threadbare India's future prospects, the post-September 11 impact on economy, new growth areas and its position in global trade.

"The summit will provide people a platform to talk and get confirmation from other business colleagues that things are moving ahead," said Mathur.

"So far the signs are more positive. Though there are 25 less registrations, there is the same quality and better level of participation than last year."

The summit will seek to allay the fears of foreign investors by discussing in detail population and other social issues that "could help the multinational companies and foreign investors to understand India better," said Mathur.

Mathur justified the decision to shift the venue of the annual WEF meeting from Davos, Switzerland, to New York, saying it had been done so to help build business confidence.

"Firstly, New York is at the centre of global agenda. Secondly, it is the best place to build businessconfidence and to show solidarity with New York."

The WEF, which is a forum for global dialogue and has been held in Davos since 1971, will hold its next meeting from January 31 to February 4.

Indo-Asian News Service
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