Consulate General of India

Shanghai

*****

[Speech by CG at Vibrant Gujarat event; 11 September 2018; 1000 hrs]

Namaskar!! NimenHao!! Good Morning!!

Mr. MukeshPuri, Principal Secretary to the Government of Gujarat

Senior representatives from TBEA, SAIC Motors

Mr. Madhav Sharma, Head of Confederation of Indian Industry (CII) for the Greater China Region

Friends, ladies and gentleman,

It gives me great pleasure to be with you at this event; I am sure everyone sitting here has some or other connection with India and with the State of Gujarat which symbolizes as place for growth, innovation, entrepreneurship and known for its forward looking policies.

India in general and Gujarat in particular is passing through an exciting phase of transformative growth and we want you all to not only witness this moment but to become an integral part of this historic and transformative growth story.

We have a long list of distinguished speakers who are going to touch upon specific topics like, investment opportunities in Gujarat, sectoral presentations overall investment scenario in India, entry and exit strategies; and many more. Few Chinese friends are also going to share their experiences about investments and business environment in India.

Therefore, let me reflect upon some of the general issues which remains unanswered when we think of investments in India. If you are also looking for an answer like why, when and where to invest in India; Then my answer is as follows:

If you are looking for diversification of your product range, balancing your market risks, repeating the model of supply-chain ecosystem of China; India in general and Gujarat in particular offers best opportunities for replicating such success.

If you believe in value of your brand, want to command influence and significance of your business and looking for mid to long term returns, then there is no better market than India. You have to take a call now ….!!

In the fast improving business environment large number of investors are looking towards India. In such a situation, would you be interested to grab this opportunity before the competitors get there first or you would like to wait & watch and then follow the trail!! You have to take a decision.

Experts feel that companies that do not have strategy for market share; they carry risk of becoming irrelevant. I am sure that you would not like to fall under that category and certainly look for commanding reasonable market where so ever you start your business in India. We have strong competition law which encourages, promotes and supports competition through strong legal support.

If the investors are getting certain privileges today for setting up their business in India, it may not be treated as an opportunity for ever, the one who enters now will have early mover advantage and may be in position to capture larger market share. Late entrants may have to work hard to create their market.

Similarly, there are many theories and speculations about why India is looking towards China for investments?

The answer lies in the fact that China and India are the two most populous countries of the world, they are fastest moving major economies, they are the largest developing countries and strongest advocates of South-South Cooperation.

South-South Cooperation is a term historically used by policymakers and academics to describe the exchange of resources, technology, and knowledge between developing countries, also known as countries of the Global South. Research has proved that South-South Cooperation brings larger benefits had efficient allocation of resources, brings simple solutions to complex problems; because most of the developing countries including China faced similar kind of challenges and thus their solutions, technologies and resources are better suited in other developing countries, including in Indian.

President Xi described South-South cooperation as “a great pioneering measure uniting the developing nations together for self-improvement, is featured by equality, mutual trust, mutual benefit, win-win result, solidarity and mutual assistance and can help developing nations pave a new path for development and prosperity.”

Few years back, the world’s imagination was also captured by the creation of the BRICS New Development Bank where India and China are equal stakeholders, the Asian Infrastructure Investment Bank, where China and India are the largest stakeholder; the convergence of interest of our two great nations are true reflection of South-South cooperation.

The overall strategy of economic cooperation between India and China is based on the principles of mutual cooperation, peer-to-peer learning, sharing of expertise, so as to create a win-win situation for all. Today’s conference is also a step in this direction.

I strongly urge all of you to make full use of this opportunity and seek answers to your questions; get your doubts clarified so as to make a focused decision. The Mega event ‘Vibrant Gujarat’ will wait for you in Gujarat from 18-20 January 2019 and looks forward for yours concrete business proposals.

I wish you all a great session.

Thank you.