India had taken great strides in opening its economy to the world and this enabled it to achieve an impressive growth of 10.4 per cent in the third quarter of 2003-04, said Carla Hills, chairman and CEO of US-based Hills & Co, at the concluding session of the 32nd Williamsburg Conference.
The former United States Trade Representative said this was important not only for the living standards of the people, but also had great implications for regional economic prosperity.
The delegates at the conference focused on strategies for greater economic cooperation and regional ties. They suggested investments in energy resources, infrastructure and development assistance, and explored the prospects of creating a bloc integrating India with the Asean.
The agenda also covered shifting international relations in Asia. Minoru Murofushi, chairman of ITOCHU, Japan, commented, "In Asia, we see a struggle over unilateralism, bilateralism and multilateralism. In order to ensure the stability of this growing and important region, there needs to be a congruence of interests between India, China, Japan and the US."
Confederation of Indian Industry president Anand Mahindra, who led a session on India and the region, outlined the steps that India should take to overcome the current impediments and arrive at an ideal scenario, which included political stability, good governance and social justice.
He suggested that "economic integration had its own realities and removing trade barriers would lead to a political convergence". Tommy TB Koh from the ministry of foreign affairs in Singapore led a session that explored the role of Islam in Asia, including the wars in Afghanistan and Iraq and the democratisation in Islamic societies.
Koh said, "Islam in Southeast Asia is open, tolerant and accommodative. Muslims in this region accept modernity and wish to live in harmony with people of other faiths. If the US and the rest of the international community wants to engage constructively with the Islamic world, they should begin with Southeast Asia."
Co-sponsored by the Asia Society and CII, the conference drew to a close today. The closed-door conference drew together over 50 of Asia and America's economic, business and political thinkers from 15 countries.
