New Delhi, 7 December 2023: During the second plenary session of the Global Economic Policy Forum 2023 hosted by the Confederation of Indian Industry (CII), ERIA’s President, Tetsuya Watanabe, highlighted the potential of India and ASEAN to drive global economic growth owing to their youthful demographics. He underscored the resilience of their production networks and supply chains, which have proven robust and resilient in the face of various magnitudes of shocks. Additionally, President Watanabe emphasised the criticality of successful digital transformation for Asia, noting that Developing Asia needs a digital-friendly ecosystem to accelerate this transition.

‘Developing Asia is the beacon of growth and holds the key to resilient and trustworthy supply chains, both within and outside Asia,’ said President Watanabe. He stressed that the supply chains were rigorously tested during the supply and demand shocks triggered by the COVID-19 pandemic.

‘ASEAN and India were the earliest to recover from the supply shocks and thereafter, fulfilled the extraordinary demand for goods and services, both in the region and outside. Our region is most suited, indeed ready, for providing the efficiencies and reliability in the new and diversified supply chains for goods and services being sought globally,’ he stated.

Moreover, he added, ‘Moving ahead, successful digital transformation will be crucial for Asia. Developing Asia needs a digital-friendly ecosystem to accelerate digital transformation. Improved and robust connectivity, particularly in digital connectivity, is essential for the future prosperity of Asia. Such connectivity will reduce the likelihood of a digital divide in Asia. Asia’s competitiveness and future prosperity hinge on the seamless transition from manufacturing to the digital economy.'

ERIA’s Senior Policy Advisor, Anita Prakash, echoed the significance of resilient and trustworthy supply chains in the geopolitical sphere during her participation in the fifth plenary session. She highlighted India’s substantial opportunity in this context, not only benefiting itself but also fostering the development of Asia and other economies in the Global South.

The forum was inaugurated by Smt Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India. ‘Emerging markets and the Global South need technology-driven instruments to make their economies transparent and well-governed, and to make sure that everybody benefits from governance. India’s fintech revolution, which showcases itself through the payment revolution happening digitally, has shown that it is possible to have inclusion, better governance and save money through technology,’ Minister Sitharaman said.

This conference served as a nexus for business leaders, academia, think tanks, government officials, and diverse stakeholders, drawing an attendance of approximately 2,000 individuals.

Bilateral Meeting Between ERIA President and CII President

On the sidelines of the summit, President Watanabe engaged in a bilateral meeting with the President of CII, R. Dinesh. During the meeting, President Watanabe expressed his appreciation to CII for extending the invitation to ERIA to participate in their flagship forum, acknowledging its significant importance in strategising the economic development of the Global South. He thanked CII for providing ERIA with the platform to share the ASEAN perspective on economic growth and development.

The two leaders deliberated on reinforcing the relationship between ASEAN and India, exploring opportunities for enhanced economic cooperation between the two sides through collaboration between ERIA and CII.