NER to play major role in changing global economic scenario: Nath

New Delhi, Apr 12 (UNI) The North Eastern Region (NER) could play a significant role in placing India on the global investment map in a scenario of rapidly changing global economy, said Commerce and Industry Minister Kamal Nath.

Addressing at the valedictory session of the third North East Business Summit here last evening, Mr Nath said inclusive growth is the only pattern of growth that is sustainable in the long-run.

He said it is time to create an enabling atmosphere for ensuring that the North-East grows at par with the rest of India, and realises its potential to the maximum possible extent.

Given the fact that the region is the Gateway to the South-East Asian countries, the North-East can be instrumental in playing a dynamic role in taking India to a higher growth trajectory in a changing global economic scenario, Mr Nath said.

He said the new North-East Industrial and Invest Promotion Policy (NEIIPP) 2007 has all attractive incentives in place, and can thus accelerate the pace of industrial development in the region.

Thailand Commerce Minister Krirk-krai Jirapaet said Asia is rising, and a stronger economic co-operation between India and Thailand will ensure that South and South-East Asia emerge as a prominent region of high growth in the near future.

Commenting that Thailand is very active in multilateral, regional, as well as sub-regional co-operation forums, the Thai minister said cultural similarities between India and Thailand will help in fostering a closer bilateral integration between the two countries, and a closer association will be mutually beneficial.

Saying that the India-Thailand FTA has led to a growth of almost 150 per cent growth in trade between the two countries, the scope for enhancing bilateral trade and commerce is still enormous, and the possible areas for engagement include IT and ITeS, pharmaceuticals, tourism, agro and food processing, horticulture and floriculture.

Earlier speaking on the occasion Minister of the Department for the Development of North Eastern Region (DoNER) Mani Shankar Aiyar, said though the 'Look East Policy' has led to a significant rise in trade between India and South-East Asia, the share of North-East region in this rise is negligible, despite the geographical proximity between the North-East and the South-East and East Asian economies like Thailand.

He called for a stronger economic co-operation with Thailand, and mentioned that the North-East is the region which can actually play the major role in fostering a closer tie.

The proposed 'Trilateral Highway' project that will connect India, Thailand and Myanmar, has the potential of transforming the North-East, the Minister added.

UNI