WTC Mumbai Organises GES 2019 on Services

Mar 06, 2019

MVIRDC World Trade Center Mumbai organised it 8th Global Economic Summit on Services: Enabler of Growth for Trade and Industry from March 6-8, 2019 at the World Trade Center Mumbai in association with All India Association of Industries. Chief Guest Mr. Ibrahim Ameer, Hon’ble Minister of Finance, Government of Maldives at the Inaugural Session said, “South Asian region, with a population of more than 1.8 billion people, is the world’s largest market. Although South Asian countries have signed an agreement in trade in services, it is not working effectively. Therefore, strategic changes are required to utilise the agreement to full potential.”

Dr. Aaditya Mattoo, Research Manager, Trade and International Integration, Development Research Group, World Bank said, “Availability of skilled labour is the critical factor for productivity in services sector. In order to promote skill development, government must encourage competition, remove burdensome regulation and introduce progressive policies in higher education.”

Dr. Rupa Chanda, RBI Chair Professor of Economics, Indian Institute of Management Bangalore, “The need of the hour is to tap our full potential in services while we continue to remove constraints to the growth of the other sectors. As we move ahead in developing the service sector, we must consider three crucial points viz. services are not to be seen in isolation, 2. Services can provide impetus to and can benefit growth of MSMEs, 3. Services will play a critical transformational role in the Industry 4.0.”

Dr. Robert B. Koopman, Chief Economic and Director, Economic Research and Statistics Division, World Trade Organisation remarked, “In recent years, trade in computer services, intellectual property services and other commercial services have gained more importance than traditional services such as travel and transport. India tops in the export of computer services after the European Union.”

Mr. Scott Ferguson, Chief Executive Officer, World Trade Centers Association New York explained how the global network of WTC family is internationalizing local SMEs in this period of protectionist measures.”

Mr. Kamal Morarka, Chairman, MVIRDC World Trade Center Mumbai said, “India offers two major advantages for foreign investors viz. large market and a sound democracy. India has an independent judicial system and rule of law, where entrepreneurs can thrive.”

Dr. Harshadeep Kamble, I.A.S. Secretary (Small & Medium Industries) & Development Commissioner (Industries) Government of Maharashtra announced the new industrial policy of Government of Maharashtra which aims to promote employment and exports from the state by supporting micro, small and medium enterprises. It envisages single window system for statutory approvals and aims to develop Maharashtra into a USD 1 trillion economy by 2022.

Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai remarked, “India is already the fastest growing economy with annual growth of 7.2%. The pace of growth can be enhanced further to 10% with better adoption of technology by industry.”

The inaugural session was also addressed by Mr. Pascal Kerneis, Managing Director, European Services Forum.

During the inaugural session, a Handbook on ‘Services: Enabler of Growth for Trade and Industry’ was released which is a compilation of articles and case studies from experts in the field of services industry.

Top Photo:

From (L-R): Mr. Pascal Kerneis, Mr. Scott Ferguson, Dr. Robert B. Koopman, Mr. Kamal Morarka, Mr. Jacek Sutryk, Mr. Ibrahim Ameer, Dr. Harshadeep Kamble, I.A.S., Dr. Rupa Chanda, Dr. Aaditya Mattoo and Mr. Vijay Kalantri.