EBRD relationship will boost Indian exports
India will benefit from the European Bank for Reconstruction and Development (EBRD) membership in the Central Asia and Eastern European regions, according to Subhash Chandra Garg, Secretary, Department of Economic Affairs.
He was speaking at the EBRD-FICCI Business Forum on the theme ‘Mobilising private sector finance in the EBRD region and how Indian companies can benefit’ in Mumbai on 22 June 2018.
Garg said Indian businesses have great potential and great opportunity in the region.
“We look at Central Asia and Eastern Europe as the next frontier. The EBRD membership will ease out several problems faced by entrepreneurs in those regions, he pointed out.
India will be the 69th member of the London-headquartered EBRD.
“Linkages in terms of trade, investment, banking, contracts in the region remains relatively small and in case we can turn this around, the truest benefit of EBRD membership will come,” he elaborated.
Investment in the region would be a bigger story than exports. Producing goods and services there by investing would provide better opportunities to Indian investors, he stressed at the forum jointly organized by Federation of Indian Chambers of Commerce and Industry and the EBRD with support from EXIM Bank in Mumbai.
Suma Chakrabarti, President, EBRD said “As India has now become a part-owner of EBRD, we hope Indian companies will become our partners in realizing our vision for the world of tomorrow together.”
EBRD’s emphasis on mobilizing private sector finance in the interest of global public goods means that the bank now stands centre stage of the world’s development architecture as the international community gears up to deliver Sustainable Development Goals by 2030.
EBRD focuses on the private sector and provides at least 60% of lending to private sector.
Rajnish Kumar, Chairman, State Bank of India added that access to EBRD’s member countries and sectoral knowledge will boost India’s investment opportunities and pave way for Indian corporates to expand their wings.
To maintain the high growth trajectory, it is necessary that continuous flow of investment is ensured particularly in the area of infrastructure and key social sectors. This continuous flow of investment should be made available at lower cost for sustainable growth, he said.
David Rasquinha, Managing Director, Exim Bank of India, underlined that relationship with EBRD will help in taking export figures up in the member countries of EBRD as there is great opportunity for Indian investors.
Indian investors will gain from the experience of EBRD and local expertise it offers in its countries of operation, believes Hemant Kanoria, Chairman & Managing Director, SREI Infrastructure Finance. fiinews.com
