'Bangalore Declaration' signed for boosting trade

By Our Staff Reporter

BANGALORE, AUG. 20. The South Asian Business Leaders' Summit- 2000, which concluded here on Sunday, saw the formation of the SAARC Women's Council. This followed the approval given by the SAARC Chamber of Commerce and Industry (SCCI) for its formation.

Addressing the valedictory function, the Minister for Large and Medium Industries, Mr. R.V.Deshpande, called upon the captains of industry to work at the "speed of thought" to survive the competition created by globalisation. With the advent of the WTO regime, cross-border barriers had almost vanished facilitating free flow of capital, and financial and intellectual properties. Quality and competitiveness had gained significance, he added.

The three-day summit was jointly organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and the Department of Commerce and Industries in association with the SCCI and the Federation of Indian Chambers of Commerce and Industry (FICCI). Nearly 100 delegates from the SAARC countries participated in the summit.

Urging the business managers to take advantage of the investor- friendly climate in Karnataka, Mr. Deshpande said the focus should be on infrastructure development, which was essential for growth.

Stating that liberalisation, privatisation and globalisation had thrown up challenges and opportunities in equal measure, he said that economic integration had assumed greater significance in this context.

Mr. Amit Dasgupta, Director, SAARC Secretariat, asked the business leaders to identify areas of strength and sectoral advantages, and make efforts to build on them.

Mr. B.S.Patil, Principal Secretary, Department of Commerce and Industry, said that business would be the forerunner for economic growth in the future and developing countries had a great responsibility in achieving that goal.

Mr. Herzog, Project Director, F.N.St, Mr. D.R.Srikantaiah, summit Chairman, and Mr. Walter Marquez, Ambassador of Venezuela, were present. Mr. Tallam Venkatesh, President, FKCCI, welcomed the gathering.

Meanwhile, the business leaders representing the premier chambers of commerce and trade bodies in South Asia consented to establish linkages for promotion of investments, trade development, facilitation of technology transfer and formation of joint ventures and collaborations in various fields of importance to the respective countries. They signed the "Bangalore Declaration", a declaration of "Intent for Cooperation", in this regard at the summit today. The signatories are from Bhutan, Nepal, Bangladesh, Maldives, Sri Lanka and India. Representatives from Pakistan did not sign the declaration as they had already left, it is learnt.

The declaration points out that the leaders have further recognised the potential and the strengths of Karnataka as a destination and a source of investment and procurement for trade as well as a valuable market for products from South Asia. It agrees to promote, develop and intensify trade and economic relationship with the FKCCI, the trade and industry promotional agencies of the State Government and business organisations.

The declaration states that appropriate mechanism and institutional network shall be established in due course among the agencies in Karnataka and those in the South Asian countries.

The summit also came up with a set of recommendations. It has resolved to take up the issue of road connectivity linking Pakistan in the West and Dhaka in the East covering India, Nepal and Bhutan for boosting trade and commerce.

The summit resolved to prevail upon the governments of the respective countries to help the private sector and trade bodies such as the chambers of commerce in fostering business and economic relations with their counterparts in the SAARC countries.

The summit decided to work for plugging the loopholes in infrastructure in South Asian countries. The recommendations were read out by Mr. Qasim Ibrahim, President, SCCI.

The recommendations also include minimisation of formalities such as passport and visa to travel from one country to another.

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