Goa CM seeks more FDI flow, pan-Asian linkages

Goa chief minister Pratapsingh Rane at the three-day seminar on 'Regional Economic and Financial Co-operation in Asia', which was organised by the Asian Exim Banks Forum in the state has invited foreign direct investment (FDI) from Asian countries to Goa.

Rane, who was delivering the inaugural address, stated that the government would ensure all necessary infrastructure including water, power and roads for the investors.

"My government would not only give a boost to the tourism and hospitality industry, but also support non-polluting industries in the state," Rane assured.

He said, "The Asian countries have managed to come out of depression and financial problems that plagued them for many years and cannot afford to be blind to the global compulsions."

Ashok Lahiri, chief economic adviser, ministry of finance, Government of India, in his address said that building a pan-Asian approach to achieve region-wise objective of mutual benefits should be given priority.

Observing that intra-Asian trade is very low, he stated that Asia lacks coherent and comprehensive strategy for regional integration. Lahiri said that the Asian region had per capita income of $360 in 1980, while it rose to $1,130 in 2003, adding, "Asia has witnessed a significant reduction in poverty during the last two decades."

Asia is conservative in macro-economic policies and this is one of its biggest strength of the continent, he noted.

He further said that Asia accounts for 30 per cent of world's total gross domestic product, which can increase up to 60 per cent, if one takes into account the human resource available in the region. He also suggested that the exchange rate co-ordination between Asian countries becomes an important issue in order to take care of the fluctuation in their currencies.

Nagesh Kumar, director general, research and information system of the state , in his theme address said that if Asian countries can create possibilities of improved infrastructure, they can enhance their under-utilised capacity which has been lying dormant.

The regional trade in Asia offers great potential for rapid and sustained growth, he observed, pointing out that major push to Asian economy came through economic co-operation in the framework of ASEAN-3 and ASEAN-1.

Earlier the chairman and managing director of Exim Bank of India, T C Venkat Subramanian, in his welcome address said that international trade is a vital component in any country's economic growth.