Partnership Summit kicks off

BANGALORE: Indian Minister of Commerce and Industry Anand Sharma called on developing countries to form partnerships between themselves to open up huge opportunities and develop deeper trading relationship.

He said partnerships will broaden the scope in building sustainable value chains across various sectors.

Sharma was speaking at the official opening of the three-day Partnership Summit titled ‘Emerging Global Value-Chains: Building Partnerships’, which kicked-off here on Monday.

“Partnerships are important in our community and regions, which will facilitate our countries to participate in global trade,” he noted.

Regional value chains can effectively serve as building blocks for global value chains, and his country will continue forging new commercial partnerships in the international arena in order to boost its economic growth, he added.

Sharma said India is attempting to forge a strong skills’ base which will not only meet India’s future needs, but will be crucial to help bridge the estimated global skills’ shortages in future.

India has also entered into several bilateral agreements with countries and regions around the world to accelerate better and stronger partnerships for the sake of economic growth.

The summit is being attended by, among others, Ministers of Trade and Industry from countries such as the Czech Republic, Fiji, Indonesia, Iraq, Japan, Macedonia, Malaysia, Mauritius, Namibia, Qatar, Singapore, Tanzania, the United Arab Emirates, Zambia, Zimbabwe, Cambodia, Canada and Mexico.

Meanwhile, Namibian Minister of Trade and Industry Calle Schlettwein – who is in Bangalore leading a delegation to the Summit – is expected to deliver a statement.

He will also be one of the panellists at the plenary session on ‘Service as critical component in the global chain: Challenges for developing countries’ later this morning.

Participants are set to deliberate on issues such as how globalisation has motivated companies to restructure their operations internationally through outsourcing and off-shoring of activities.

They will also dissect the emergence of global value-chain challenges, conventional wisdom and outlooks on economic globalisation, and the policies which are developed around it.

About 800 people are attending the summit, which ends on Wednesday.