“3Is – Inclusiveness, Implementation and Investment are the priorities of G20 Turkey,” says Deputy PM of Turkey

“3Is – inclusiveness, Implementation and Investment are the priorities of the G20 Turkey,” said H E Mr Ali Babacan, the Deputy Prime Minister of Turkey at the Regional Consultation Forum organized by the Confederation of Indian Industry (CII) and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) in New Delhi on 6 April, 2015. Mr. Babacan further added that Global Food Safety and Global Energy Policy are going to be important agendas.

Ministerial meetings will be accompanied by B20 events to hear the voices of the industry. G20 Turkey believes that if decisions are not supported by business communities, it is obsolete. The other agendas would also include Labour issues, trade, infrastructure investment, anti-corruption, and financing growth among many others.

Giving Indian government’s view, Dr Usha Titus, Joint Secretary (MR), Department of Economic Affairs, Ministry of Finance said that G20 Turkey’s 3Is aptly tally with the priorities of Indian government. Business community has been an active stakeholder in the G20 process. Many recommendations made by B20 were reflected in the G20 policy. Dr Titus also said that slow global growth is a serious concern. Infrastructure development can drive the growth. G20 has initiated the Global Infrastructure Hub to provide direction. To promote inclusiveness, large companies should include SMEs in their networks.

The Joint Secretary further added that energy is an important factor for growth. Poor needs energy and they cannot wait for renewable energy solutions. She stated that coal has met energy demand for years and will do so in the future. Multilateral institutions should help poor countries to develop energy infrastructure. Prices of gas supply to Asia Pacific should be rationalized. She also said that greater transparency and integrity in business practices would avoid corruption and tax evasion. Moreover, G20 should focus to meet deadline of fixing 5% average total cost of sending remittance which was promised at Brisbane, Australia.

Giving the industry perspectives, Mr Ajay Shriram, President, CII, said that initiatives in last ten months have laid the solid foundation and set the direction for a higher growth trajectory. The President said, “The Current Account Deficit for 2014 is below 1.3% of GDP. Based on the new series, real GDP growth is estimated at 7.4%, making India the fastest growing large economy in the world.

In his introductory remarks, Mr Rifat Hisarcıklıoğlu, B20 Chair, and President, TOBB said that political leadership and business community discussed and collaborated during the economic hardship. He stated that we can solve global challenges with global coordination. The Turkish Presidency wants to build cooperation between business and policymakers. B20 Turkey is closely working with the Turkish Government on three important things – Continuity, Connectivity, and inclusiveness.

In his remarks, Mr Chandrajit Banerjee, Director General-CII, who was also the chair of the session said, “CII is the sole Indian Industry body representing India in B20 deliberations. At Brisbane, CII led a delegation which was part of all high-level meetings between B20 and G20 leaders.”  Mr Banerjee further added that CII is also coordinating participation of Indian industry in all the B20 Taskforces. To take the relationship forward, CII has plans to host programmes on various issues including “India and the G20: Addressing the Growth Challenge” and “Business Roundtable on B20 Recommendations” and further announcements will be made shortly.

CII signs two MOUs with TOBB and EBRD Deputy PM of Turkey is chief guest

Confederation of Indian Industry (CII) signed two separate MOUs with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the highest legal entity in Turkey representing the private sector and the European Bank for Reconstruction and Development (EBRD), a pioneer private sector investment bank, at a session on ‘Inclusive Business: The Way Forward’ as part of the ‘National Conference and Annual Session 2015’ in New Delhi. Mr. Chandrajit Banerjee, Director General, CII signed on behalf of CII.

By the MOU between TOBB and CII, both parties agreed to take all such steps as may be necessary and feasible to promote bilateral trade and economic cooperation between the two countries, undertake studies to determine the support which might benefit their respective members, exchange information on all economic and commercial matters with regards to Turkey and India including specific industrial sectors relevant to both the countries. The agreement between CII and EBRD aims to increase financing opportunities of EBRD to Indian corporates through CII. EBRD has already made $1 billion investment in the India and there is huge untapped potential in the Indian private sector. This MOU will provide access to Indian corporates to global financing opportunities. 

H.E. Mr Ali Babacan, the Deputy Prime Minister of Turkey was the chief guest to witness this. He congratulated the parties and wished them success for future. Focusing on the theme, he said, “Inclusiveness, Implementation and Investment are the priorities of G20 Turkey.” Mr Babacan further added that SMEs are the engines of growth. Thus the Turkish Presidency will focus on promotion of more entrepreneurship, R&D, Innovation and employment. Moreover, G20 is launching the W20 initiative to increase the role of women in business. W20 will encourage participation of women and organizations working for women empowerment to make it more effective. He also assured that G20 is identifying solutions to improve conditions for lower income countries.

Mr Rifat Hisarcıklıoğlu, B20 Chair, and President, TOBB said, “Inclusiveness is an important driver for growth.” He further added that countries should fight challenges together. To harness the potential, B20 has started an initiative called Regional Consultation Forum to engage and involve emerging economies of the world. Mr Hisarcıklıoğlu stated that it has two objectives. Firstly, include businesses from emerging economies, and secondly, it will take note of the views of Non-G20 countries. Inclusiveness of SMEs is important as they create two-third of jobs in G20 countries. He also said that SMEs should be included in the value chains.  B20 has created a WSMEs Forum to cooperate with the SMEs and understand their problems and facilitate them.

While setting the tone of the session, Mr Adi Godrej, Past President, CII and Chairman, Godrej Group who was also the chair of the session said, “India and Turkey share strong bonds of friendship and commercial linkages dating back several centuries. Today, both India and Turkey have a vibrant economic relationship that has only touched the tip of the iceberg. We are sure that under your government’s able stewardship, the bilateral economic relationship will touch newer heights.” He stated that we are also delighted that an emerging market like Turkey has taken over the Chairmanship of the G20 for this year. India looks forward to working with Turkey to further the objectives of the G20.