CACCI President delivers keynote address in Darwin
CACCI President Mr. Samir Modi delivered a Keynote Address at the recently concluded Regional Australia-Asia Chambers Forum that took place on May 2-3, 2019 in Darwin, Australia. Organized by the Chamber of Commerce Northern Territory, which is an Affiliate Member of CACCI, the Forum was held at the SkyCity Hotel Casino. The two-day event gathered […]
CACCI President delivers keynote address in Darwin
CACCI President Mr. Samir Modi delivered a Keynote Address at the recently concluded Regional Australia-Asia Chambers Forum that took place on May 2-3, 2019 in Darwin, Australia.
Organized by the Chamber of Commerce Northern Territory, which is an Affiliate Member of CACCI, the Forum was held at the SkyCity Hotel Casino. The two-day event gathered together senior representatives from chambers of commerce within Australia and across the Asian region to discuss key issues facing the growth of business in the Asian region.
In his speech, Mr. Modi pointed out that the Asia-Pacific region serves as one of the most promising regions in the current times consisting of some of the world’s most vibrant economies. The world is eyeing this region in the times of global slowdown as it offers tremendous opportunities for trade and investment and creating global value chains for manufacturing, he noted, adding that globally, the Asia Pacific region remains the most important destination and source of FDI.
Mr. Modi stated that he Asia-Pacific region continues to be the world leader in growth. Growth in Asia is forecasted at 5.6 percent in 2019, while inflation is projected to be subdued and that despite volatile capital flows, Asian financial markets have been resilient, reflecting strong fundamentals, he said.
“We meet at a time of profound and complex changes in the international landscape. World economic growth has remained in the positive territory, yet it has been weighed down by factors such as sluggish international trade and investment, and rising protectionism.
“According to the 2018 UNESCAP report, trade tensions between the United States and China are expected to lead to a significant trade slowdown in 2019.
“However, on the other hand, these tensions are prompting Asia-Pacific economies to become closer. Opportunities are also arising from the redirection of trade and production in the global value chain.”
He identified these opportunities to include the following:
- Vietnam has a high potential to become the new assembly centre.
- Indonesia’s relatively high opportunity index is driven by its manufacturing sectors and raw material exports.
- Japan and the Republic of Korea are driven by their competitiveness in hi-tech electronics, concentrated in the electrical and optical equipment sector.
- Education and Energy could be driven by Australia.
- The positive services trade performance will continue to be driven mainly by China and India.
Mr. Modi further noted that the global economy is becoming increasingly digitalised, and some of the emerging technologies have the potential to be truly transformative, even as they pose new challenges. He pointed out that Asia is already a leader in many aspects of the digital revolution, but to remain at the cutting edge and reap the full benefits from technological advances, policy responses will be needed in many areas, including artificial intelligence, information and communication technology, trade, labor markets, and education.
“I feel that the importance of business networking to encourage greater interaction among individual businessmen and business communities in the Asia-Pacific will play a very significant role as we go forward. We will need to do more Activities in this regard have included the exchange of trade delegations, participation in trade fairs such as this Exhibition, the exchange of trade data information, and performing business inquiry services and trade matching activities.
“I feel there is a strong necessity for establishing an effective and strong network between SMEs and large corporations, as well as between the government and the business sector to facilitate a better regulatory environment among countries in the region and to set a forum for sufficient dialogue on policy matters.
“We all have a shared future just like passengers sitting on the same boat. We therefore need to help each other to address challenges on the basis of consultation and coordination and pursue common development. we need to share our insights, build consensus and contribute to promoting peace, stability, development and prosperity in Asia and the world.
“With a few bruises here and there, we have so far made this Asian miracle possible due to the security and stability of our region. Looking ahead, we must deepen strategic mutual trust and work toward the vision of common, comprehensive, cooperative and sustainable security for Asia.
We must continue to follow the Asian way of mutual respect, consensus-building and accommodating the comfort levels of all parties and properly handle regional hotspots and resolve disputes through negotiation and consultation. Common efforts in these areas will help preserve the sound momentum of peace and development in Asia.
“We all have our own comparative strengths and our economies are highly complementary. Greater openness and deeper cooperation within the region will be crucial for the sustained fast growth of Asian economies. Deeper regional integration under the current circumstances can help us better leverage our comparative strengths.
“We need to jointly break new ground in innovation-driven development. After years of fairly fast growth, Asian countries now face the challenge of shifting from old drivers of growth to new ones, and we must rely on innovation to foster the latter. As the new round of global technological revolution and industrial transformation unfolds, we must seize the opportunities, tap into our advantages in human capital and market potential to intensify cooperation on innovation and accelerate the upgrading of traditional industries and growth of emerging industries. We need to make our business environment open, fair, transparent and predictable, clear the way for the unimpeded flow of factors of innovation, and share innovation resources and outcomes, setting the stage for the steady progress of Asia’s innovation-driven development.
“What is also needed is a new plan to respond to the expectations of industry and sustain momentum and aim to enhance the start-up ecosystem, high growth in social media and e-commerce.
“In fact, as the CACCI President, one area that I wish to strengthen during my tenure is greater involvement of Industry in CACCI activities and conferences. This would certainly help us in better serving the member chambers of CACCI and addressing relevant economic issues in the Asia Pacific region. High level interactions along with policy advocacy on important issues would continue to be an important element.”
Mr. Modi took the opportunity to invite all Forum attendees to join him in the future delegations of CACCI. “This will give each one of you the opportunity to gather first-hand information on the business situation in the country where we are going. Engage and build relationships with key government officials and meet leading businessman in the country, particularly those from industries or sectors that you wish to know, promote or do business with. These delegations have helped me tremendously and I am sure that they will help you, too.”
He also invited the officers and members of the Chamber of Commerce Northern Territory and other local businessmen in Australia to attend the upcoming 33rd CACCI Conference to be held later this year.