'Value Chains of Developing Countries Must Be Encouraged'

Agra: Value chains of developing economies can increase competitiveness, ascertain viability of a business, and meet development aspirations of the people, said participants at a session of the Partnership Summit here.

Delivering the keynote address at the session "Rapidly Emerging Global Value Chains: Where Do Developing Economies Fit In?, India's National Manufacturing Competitiveness Council member secretary Ajay Shankar mentioned that its only since the past two decades that India has arrived at a position to derive gains from globalization.

Stressing private sector investment will "transform developing economies", he suggested that strategizing for economic integration at the earliest would pave the way for poverty alleviation, employment generation and enhancing quality of life.

More: Organic Kids Wear: A New Fashion Trend in India

Sharing his thoughts on global value chains, Macedonia's Foreign Investments Minister Bill Pavleski said that value chains would not only increase competitiveness, but would also ascertain the viability of business.

The south-east European country being the gateway to Europe, offers ideal opportunity for integrating with India in the value chain, he said, adding Macedonia stands at 22nd place in Doing Business index and is undergoing fast-paced reforms having focus on free trade agreements (FTAs).

Papua New Guinea's Trade, Commerce & Industry Minister Richard Maru said that economic partnerships are necessary in order to meet the development aspirations.

Banking upon the comparative advantages of India and his country, he said that value chains would help to amalgamate India's financial strength and skilled manpower with his Pacific island nation's rich raw material base, thereby yielding a successful outcome benefiting both the countries.

Bahadir Kalaegasi, international coordinator, Turkish Industry and Business Association (TUSIAD), said that his country being at crossroads of Europe and Asia, offers distinctive advantages for integrating through global value chain.

Citing the example of its Customs Union agreement with the EU, he said that it not only has helped Turkey to diversify its export basket, and hence suggested to trigger partnerships in the current global context.

Chairing the session, Malvinder Mohan Singh, chairman, CII Northern Region and executive chairman, Fortis Healthcare Ltd, highlighted upon the criticality of leveraging FTAs and private sector-driven investments.

Also Read: 10 Prominent Production Houses Which Built Indian Cinema