IMC's 3-Day Global Trade Conference

The Global Trade and Investment Conference 'India Your Partner', was held in Mumbai for three days this weekend, it was inaugurated by Mr. Vilasrao Deshmukh, Chief Minister of Maharashtra, at 10 am on Friday, 11th January 2008.

Among the other dignitaries that addressed the conference were Mr. Deepak Parekh, Chairman, HDFC, Mr. Vayalar Ravi, Union Minister for Overseas Indian Affairs and Dr. Indu Shahani, Sheriff of Mumbai. The most significant aspect of this conference was the various sessions that was addressed by foreign diplomats and leaders of the business delegations from over 20 countries, which arrived in India to participate in the conference with a view to explore prospects of trade and investment in India and forging partnerships with Indian businessmen.

There were about 200 foreign business delegates representing various industries and about 300 Indian business leaders, policy makers and senior corporate executives participating in this interactive conference.

"Our Chamber had invited delegations of businessmen from 100 global partner Chambers from 50 countries, with which the IMC had signed MoUs for cooperation and almost half of them came over and participated. In addition, a large number of overseas Indian leaders from Singapore, Dubai, London and South Africa had also attended," spoke Mr. Niraj Bajaj, President of Indian Merchants’ Chamber (IMC).

Among the countries that graced the occasion were: Austria, Brazil, Belgium, Canada, China, Hong Kong, Iraq, Japan, Malaysia, Poland, South Africa, Saudi Arabia, Singapore, Slovenia, South Korea, Tanzania, Taiwan, UAE, UK and US.

The Union Ministry of overseas Indian affairs, the Ministry of commerce and the Ministry of external affairs not only welcomed the IMC's unique initiative and extended their full support to it. The governments of Maharashtra and Madhya Pradesh had come forward to partner with IMC in this initiative. The three-day conference had been specially structured to create maximum opportunities for foreign business leaders who interacted with Indian business leaders and policy makers.

On first day the chamber received all the foreign delegations, hosted a cocktail reception and dinner and honored the leaders of IMC's partner chambers from about 25 countries. The session was a direct and open interaction between all present and was appreciated by one and all. The conference was formally inaugurated by the Chief Minister of Maharashtra and addressed by the Union Minister for overseas Indian affairs and the Sheriff. Top Indian authorities, investment experts and business leaders made their presentations on opportunities in sunrise sectors such as biotech and pharma, ICT, KPO, infrastructure, real estate, health tourism, capital market, banking and insurance, education, hospitality, agro and food processing. Representatives of governments of Maharashtra and Madhya Pradesh also made a presentation on Investment Opportunities in their respective States.

Next day the leaders of foreign business delegations from, foreign trade representatives and senior diplomats made their presentation on ‘Business and Investment Opportunities’ in their countries and also interacted with Indian authorities and businessmen about two-way business and investment prospects. The conference also saw a dinner and informal interaction between all IMC members, members of the ladies and youth wing and the delegates at Turf Club, Mumbai. This doubled up as the centenary celebration of IMC.

Highlights of the conference were the following: 1. Exploring and strengthening of the multilateral trade and investment in sunrise sectors between India and IMC's global business partner countries. 2. Provided opportunities through the 'special match-making sessions' to identify potential partners in various Indian States and to network with various investment authorities. 3. Acquainted the delegates with the unique contours of doing business with India and other countries. 4. Reinforcing and reorienting the working relationship between Chambers and fostering mutual cooperation.