International - India & World   

Plan for closer regional economic ties

COLOMBO: India is considering a policy to permit all neighbouring countries, including Pakistan, to allow their companies to invest in the country in all potential areas in a bid to integrate its economy with the rest of the region, Minister of State for Commerce and Industry Jairam Ramesh said here on Sunday.

In an interview to The Hindu, the Minister, who is leading a high-level delegation to explore investment opportunities for Indian companies in Sri Lanka, argued that India could not do a “by-pass surgery” on South Asia. “India’s globalisation is incomplete and cannot be sustained without closer economic cooperation in the region. Unilaterally, India should take the initiative to open up its economy for investments from the neighbourhood. We should not be a prisoner of reciprocity.”

Mr. Ramesh said that recently India had lifted a ban on investments from Bangladesh. “I have already written to External Affairs Minister Pranab Mukerjee to consider lifting the ban on investments from Pakistan companies, of course subject to security considerations and on a case-by-case basis.”

He said he firmly believed in investment as an engine of growth and the endeavour of the government in recent months had been to promote Indian investment in the neighbourhood and vice-versa to boost trade. “Only when such investments are encouraged could trade in the region pick up and the trade deficit be managed.”

The Minister, accompanied by officials of the Ministry of Textiles, the Ministry of Information Technology and the Ministry of Commerce and a high-level 15-member business delegation would, in the course of the next two days, hold a wide range of discussions with his interlocutors here.

Senior representatives of a number of leading Indian textile, IT and infrastructure companies including Reliance, L&T, Mahindra and Mahindra, Aditya Birla Group, Indo-Rama, Vardhman, Arvind Mills, IOC, Quatrro, Virtusa and others are accompanying Mr. Ramesh for an interaction with Navin Dissanayake, Sri Lankan Minister for Investment Promotion and with the Sri Lankan Board of Investment.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

God help Pakistan, says Wali Khan
Israel cuts power supply to Gaza
Junta move a ruse: Suu Kyi party
Sharia row turns nasty
Naval officer averts catastrophe
Politics, archaeology collide in Jerusalem excavation
Flying high
Beer spills on London street after hijack bid
Plan for closer regional economic ties
Dhaka hopes ban will not affect promised rice supply
Indian-American shot dead

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu