Press Information Bureau

Government of India

Ministry of Commerce & Industry

24-January-2013 17:03 IST

The Union Minister for Commerce, Industry & Textiles Shri Anand Sharma met a series of global industrial leaders and his counterparts from various countries at World Economic Forum, Davos yesterday.

Four contenders for the post of Director General, World Trade Organization, namely, Mrs. Anabel Gonzalez, Minister of Foreign Trade, Costa Rica; Dr. Hermino Blanco Mendoza, Minister of Economy, Mexico; Mr. Tim Groser, Minister of Trade, New Zealand and Dr. Mari Elka Pangestu, Minister of Tourism and Creative Economy, Indonesia met Shri Sharma and sought India’s support for their candidature. Shri Sharma welcomed their candidature and expressed India’s stand regarding need for a DG who is from the developing countries and is committed to the development dimension of WTO negotiations. The leaders also discussed the bilateral issues. Apart from these leaders, Shri Sharma also met Mr. Rob Davies, Minister for Trade, South Africa and Mrs. Ait Zhanova Zhanar, Minister for Economic Integration, Kazakhastan and Chief Negotiator on WTO accession for Kazakhstan for bilateral meetings. The Kazakhstan Minister briefed Shri Sharma regarding her country’s accession to WTO.

Among the business leaders, Shri Sharma met Tesco Chairman Sir Richard Braodbent who sought certain clarifications on conditionalities in the new FDI policy for the retail sector. Shri Sharma assured that all the foreign investors will be provided hand holding and asked him to voice their concerns in writing and offered all help if Tesco decides to send a team to Department for Industrial Policy and Promotion for consultation.

In a meeting with Paul S Walsh, Chief Executive of Diageo, Shri Sharma was briefed about the company’s plans in India. Mr. Walsh termed India as ‘fantastic market’ and said that their experience with India has been ‘great’. He also informed Shri Sharma that Diageo is exploring the opportunities of marketing Indian Spirits overseas. Mr. Peter Sands, Group CEO, Standard Chartered, discussed the upcoming meeting of India-UK Business Forum co-chaired by Shri Ratan Tata in the first quarter of this year. He also discussed the forthcoming visit of the British Prime Minister to India.

In a meeting with Ms. Petra Laux, Head of Global Public and Government Affairs, Novartis. Shri Sharma was informed about the company’s appreciation for movement towards Market Based Pricing regime in India. Ms. Laux also expressed Novartis’ interest in enhancing investment in India. Shri Sharma also met Mr. Richard Olver, Chairman, BAE Systems who pressed for greater liberalisation in defence sector. Mr. Olver also expressed the company’s interest in forging new ties with defence sector PSUs of India. Mr. Frans A. van Houten, President & CEO, Royal Philips Electronics, in a meeting with Shri Sharma expressed his interest in manufacturing facilities in India along with the concerns for local sourcing requirement for LED. In a meeting with Mr. John Nelson CEO, Lloyd's, Shri Sharma was conveyed the hope that the Insurance Bill pending in Parliament will be legislated soon. They were hoping that it was done before the visit of the UK PM but the Parliamentary calendar made it difficult.

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DS/RK

WTO leadership preference for a developing country DG focused on development, plus investor calls for clearer FDI and sector reforms. Four WTO Director General contenders sought India's support, prompting India to emphasise preference for a DG from the developing world committed to the development dimension and to discuss WTO accession bilaterally. Business leaders requested clarifications and consultation on the new Foreign Direct Investment policy for retail; industry representatives noted interest in Market Based Pricing, defence sector liberalisation, local sourcing requirements for manufacturing, and enactment of pending insurance legislation.