Develop non-medical infrastructure
Indian companies should tap the potential to increase trade in services in education and health in Zimbabwe, according to the southern African country’s Deputy Minister for Industry and Commerce, Rajesh Kumar Modi.
Indian financial firms can also help to contribute to Zimbabwe, he said at the Global Exhibition on Services (GES) 2019 held in Bengalore 26-28 Nov 2019.
The Indians can also help in healthcare, especially Pharma, said Modi, calling for India’s role in technological transfer in Zimbabwe’s agriculture sector, said Modi on 26 Nov 2019 at the inaugural section of GES.
Xiaolin Chai, Director of Trade in Services and Investment Division at the World Trade Organization, gave Indian perspective by acknowledging the great potential that exists due to the quality of human resources, visionary government support, business enthusiasm, innovative entrepreneurship and rich academic inputs.
Chai spoke on how the future of trade and services will be shaped by four factors: Digitisation, Demographic changes, rising income and the impact of climate change.
She stated that the efficiency of services is the key differentiator and how a 1% improvement in logistics has the potential to lead to a 3% growth in exports.
This along with the need for a more transparent environment can truly help in fulfilling the potential of trade in services, stressed the WTO Director.
John Drummond, Head of Division, Trade in Services at the OECD, shared a macroeconomic perspective, stating that the services sector has witnessed two major shifts.
“There has been a change in the nature of services and there has been a shift from mass consumption to mass customization. The 21st century saw that more customization leads to more competition and this has become the centre of services trade,” said Drummond.
In addition, SMEs are the first to gain from removing barriers to cross-border services.
“There are two strategies that were proposed to boost international trade: create a services trade framework and a digital market openness framework,” he pointed out.
Nandakumar Jairam, Chairman and Group Medical Director, Columbia, highlighted India’s competitive advantage in its infrastructure and manpower and the cost of healthcare which often for surgeries is 10% of what it is in the United States.
“Moving forward there is a need to develop non-medical infrastructure to boost medical value tourism and attract foreigners,” said Jairam, emphasizing the impact that Ayushman Bharat on India.
Among other developments, the Indian government is looking at undertaking measures that will allow foreign law firms to provide services in India while looking at the contribution of Indian legal services outside, according to Sanjay Gulati, Member – Governing Council, SEPC & Group Head – Corporate Tax, GST & Litigation, GMR Group.
India is looking to attract investments and partnerships in strategic areas like aviation and space programme, infrastructure, telecom projects, financial management and accounting, content, design, media distribution and outsourcing publishing work, Intellectual Property management services and environmental as well as social impact assessment at GES.
Over 400 exhibitors and over 3,000 delegates including 400 overseas delegates from 74 countries were at the GES 2019. fiinews.com