Prime Minister Manmohan Singh today sought closer interaction between India and members of Shanghai Cooperation Organisation, the regional security bloc in which India has ‘observer’ status, to convert the global economic crisis into an opportunity for greater economic cooperation as he highlighted the need for reforming global financial institutions.
He said the economic gains that have been made in the past are today threatened by the global meltdown. “We should convert this crisis into an opportunity for much greater economic cooperation between the members of the SCO and India. Between us, we have a vast market, a large industrial base, a talented human resource base and above all, the political will,” Singh said, addressing the SCO Summit here.
The Prime Minister said the SCO member countries and observers should work together to reform the institutions of global governance, including financial institutions, to bring them in tune with the present and emerging economic realities. “We can no longer delay giving concrete shape to the concept of sustainable development. The developing world needs access to financial resources and environment friendly technologies, especially in energy, transportation, manufacturing and agriculture,” he said.
Singh said India is seeking a conducive external environment for its sustained high economic growth which is necessary to meet its developmental objectives.