Lists 6 development principles; CECA with Malaysia in 9 months.
Prime Minister Manmohan Singh enunciated what he called the “key features of the new phase in India’s economic development”, in his Khazanah Global Lecture 2010 delivered in Kuala Lumpur today. These are:
“First, India seeks rapid economic growth that will create wealth for our people and also generate surpluses to fund our ambitious social development programmes, particularly in the areas of health, education and environment protection.
Second, we seek growth that creates employment and development that is socially and regionally balanced and inclusive.
Third, we seek to build a modern, knowledge and science-based economy to complement our agricultural and industrial base.
Fourth, we want our development to be sustainable, so that the wealth of our natural resources is conserved for future generations as a matter of trust.
Fifth, we seek a cooperative relationship with our neighbours and other partners, so that we can prosper and benefit from one another’s development.
Finally, India seeks to realise its development ambitions within the framework of a plural and secular democracy, where each citizen should have equal opportunity for economic, social and cultural advancement.”
Singh was speaking in the presence of Malaysian Prime Minister Najib Razak and addressing a gathering of business and political leaders there. Outlining India’s developmental challenges and identifying areas like infrastructure as key priority sectors in which India and Malaysia could work together, the PM laid out the framework for India’s increased engagement of Southeast and East Asian economies.
Trade opening fom July
He did so on a day when the two countries formally announced an agreement to implement a Comprehensive Economic Cooperation Agreement (CECA) to boost trade and decided on a range of other engagements in various sectors, including defence. The two sides signed five pacts in various areas after wide-ranging talks between the two PMs and resolved to impart a strategic dimension to their relations.
The two leaders said the agreement, aimed at allowing freer movement of goods, services and investments, would come into effect on July 1 next year. “Today marks a turning point in India-Malaysia relations,” Singh told a press conference after the meeting.
He said the discussions with Razak had laid the basis for multi-faceted partnership between the two countries. Singh and Razak also launched a CEOs Forum, expected to help forge closer and deeper economic engagement between business and industry of the two countries.
“India welcomes greater investment from Malaysia in infrastructure and manufacturing sector and Indian companies would also want to do business in Malaysia,” Singh said. Razak said Malaysia would be happy to share India’s economic success and join its journey for economic development of the country.
“We must give new impetus to this relationship. I indicated to Prime Minister Singh that Malaysia is ready for a deeper and more intensive relationship,” he said.
Razzak said the two countries had set a trade target of $15 billion (Rs 66,600 crore) by 2015.
Besides signing the agreement on a CECA, the two governments inked another on cooperation in the fields of traditional systems of medicine, tourism and one on information technology and services. Ther was another on collaboration in innovation and a cultural exchange programme for 2010-13.
Broader cooperation
Singh said there was agreement on the framework for a strategic partnership and joint statement outlines a road map for enhanced contacts at various levels — political, business and also people-to-people “based on our shared values of democracy and multiculturalism”
“We have agreed to work closely with each other on regional and international matters of common interest, including on combating the scourge of terrorism,” he said.
In defence, the two sides agreed to explore the possibilities of collaboration on projects of mutual interest. India has been invited India to participate in the soon-to-be-established Malaysian Defence and Security Park and two agreed to support each other’s defence exhibitions.
There is also to be a bilateral Joint Working Group on Counter-Terrorism at an early date.
