WINDHOEK – A Namibian delegation led by Minister of Trade and Industry, Calle Schlettwein, is scheduled to attend a partnership summit in India slated for January 27 to 29.
The delegation, which should leave for India towards the end of next week, will attend the annual flagship event of the Confederation of Indian Industry (CII) that is organized in association with the Indian Ministry of Commerce and Industry and the Government of India. The annual event was started in 1995 to commemorate the CII’s centenary year. From the outset the partnership summit provided a platform to stimulate discussions among all key stakeholders – political, institutional, business, media and academia – on the best strategies and policies to help participating countries overcome obstacles to improving competitiveness and achieving inclusive growth. The world is marking the fifth anniversary of the economic downturn. The roller coaster ride to recovery is beginning to even out once again and there are now early signs of growth in some of the developed countries. The global economy was expected to grow at 2.4 percent in 2013 and 3.2 percent in the year 2014. The deceleration of growth inhibits investments opportunities in some of the critical areas essential for achieving the Millennium Development Goals (MDGs).
The Indian economy, on its part has been growing at an average rate of 8.5 percent over the last five years. With the number of cross-border mergers and acquisitions escalating, the Indian economy is now at an inflexion point in terms of its growth strategy. An economy which once looked inwards is now reaching out and creating new partnerships around the world. To sustain and develop these partnerships, the CII’s theme for the Partnership Summit 2014 is ‘Partnerships for new shared realities’ and provides a platform for leaders from all walks of life to shape an international agenda and catalyze solutions enabling growth at a macro-economic level. The summit will witness the participation of prospective investors, industry leaders, governments, trade bodies and associations and entrepreneurs in the investment hub, Bangalore, Karnataka. The Indian state of Karnataka has become an avenue for global investment, reiterating the fact that the land provides ample opportunities for investment at a global level.
According to the CII, Africa represents one of the largest untapped potentials for investment as it is one of the richest natural resource regions in the world. The region is also slowly emerging as another engine of growth as the International Monetary Fund projected growth in Sub-Saharan Africa to touch 5.1 percent in 2013.
It is therefore clear that the global economic balance has begun to tilt and new realities are coming into play. The developed nations no longer hold the key to growth. The key is now shared between the emerging markets and developing economies. The world will now need to develop new strategies and new partnerships to lift global growth and support global rebalancing.
By Staff Reporter