Indian billionaire Bhupendra Kumar Modi called on Indian and Chinese corporations to focus on listing their stocks and shares in their respective countries or on Asian bourses, instead of New York and London.He noted that heavyweight Indian and Chinese corporations still preferred listing on bourses in New York and London, but stressed on the need to support Asian exchanges and economies by staying on local or regional bourses.
"Today, we still have corporations looking for listing on New York and the United Kingdom, but it is an opportunity missed by Asian exchanges such as Singapore," said Modi, the founder and chairman of the Spice Group of India.
Speaking at the Singapore Indian Chamber of Commerce and Industry's biennial conference, he underlined the need for Asians to keep corporate wealth within the region, supporting strong economic growth, especially for the investment required for Indian and Chinese economies.
Though Asian bourses were still regulated and not as free or privately operated as those in the West, there were opportunities to move forward with corporate wealth such as stocks, bonds and funds traded within the region.
Though advocating freer trade flow, Modi expressed concern that listing in the West would mostly benefit American and European investors.
He also sounded critical about the Western beneficiaries of Asian economic growth.
The global economic growth has shifted to Asia, with India and China being the main drivers, he said.
He also expressed concern about the likely "economic colonialisation" as a result of overdependence on foreign capital.
"Economic colonialisation should not take place," said Modi in a special address to the conference on India-Sinagapore-China business opportunities.
He called for empowering the Asia private sector and further liberalisation of the Indian financial sector, especially supporting the small and medium enterprises, which would be the foundation of future Asian multi-national corporations.
