India Inc urged to focus on Asia Pacific markets

Monday, 23 February 2004, 08:00 Hrs
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NEW DELHI: India Inc was Sunday urged to explore business opportunities in the Asia Pacific region across a wide spectrum of sectors for higher returns on investments.

"It's time for Indian companies not just to look at the domestic market but also explore business possibilities outside to the extent we can," said Tata Industries managing director Kishor Chaukar.

"The leadership in India, both political and Industrial, must look at not only Westward but also Eastward," Chaukar told the inaugural session of a three-day conference on India in a Global and Regional Context.

The conference is being organised jointly by the US-based East-West Centre, an education and research organisation, and the Confederation of Indian Industry (CCI).

According to Chaukar, countries in the Asia Pacific region are capable of providing Indian companies a vast market for selling their products.

"We shouldn't forget it is the Eastern economy that is likely to see far higher rate of growth than other regions in the world," he said, adding India must try to forge trade alliances with a large number of countries in the Asia Pacific region.

"Such alliances should be mutually beneficial and we need to show that India has certain strengths. India has already shown that its IT country can compete globally."

Anand Mahindra, president of CII and managing director of automobile major Mahindra and Mahindra, said countries in the Asian region needed a common platform to resolve their problems and work towards achieving higher economic growth.

"We (countries in the Asian region) face similar problems like terrorism, diseases, and environment degradation. We need a common platform to resolve all this and fuel trade cooperation," he told the business delegates.

"India can be a huge market for the Asian and Asia Pacific countries. The country is currently witnessing a transformation. We see India as a manufacturing as well as manufacturing hub."

Source: IANS
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