Asia will bail out the world, if it is allowed to frame the rules: Sri Lanka PM
New Delhi: Sri Lankan Prime Minister Ranil Wickremesinghe today marked out India and China as the only countries that can drive economic growth across the globe, saying manufacturing companies have no other place to go.
Critical of the western nations over selective treatment on framing economic policies, he said: “Asia will bail out the world (from the economic crisis), if it is allowed to frame the rules (policies).”
“WEF in Delhi this year says the world is expecting India to translate potential into action… we are at threshold of another historic moment. If the pace of reforms fails to pick up, companies may look elsewhere. Where elsewhere? It has to be India or China. That’s the hard truth. There is no other place to go today,” Wickremesinghe said here.
Speaking at the India Economic Forum, organised jointly by WEF and CII, the Sri Lankan Prime Minister singled out the West for favouritism.
“The rules were written by the West on globalisation, and we have (been) only played by it. When people here went and deposited part of their funds and assets in western countries, no one complained. When their own people (western countries) started going to Switzerland, they started complaining…,” he added.
Asia will bail the world out… Otherwise, we create our own systems here (Asia). A very, very stable system.”
Speaking about Sri Lanka’s economic engagement with the US, he said both will take the process further after the presidential elections in the North American nation.
We have kept 500 acres of land for a gold course and Trump towers,” Wickremesinghe said, jokingly referring to Republican US presidential nominee Donald Trump, who is locked in a tight battle with Democrat Hillary Clinton.
With India, he said, Sri Lanka will ink the Economic and Technological Cooperation Agreement (ETCA) this year.
Earlier at the summit, Commerce Minister Nirmala Sitharaman said that in “not so encouraging” global economic environment, South and South-East Asia are going to be the “engine of growth” for the world. She was clear that India is committed and driven towards “equitable and inclusive” growth.
Vedanta Resources Chairman Anil Agrawal put an emphasis on India developing small and medium enterprises to push growth. GE Hong Kong SAR Vice-Chairman John Rice, on his part, said India needs to lay more emphasis on exports and look at establishing an export credit agency. For A T Kearney Global Managing Partner Johan Aurik, the answer lay in jobs and technological development for India to grow.
Harvard economist Gita Gopinath felt that India needs to ensure it can manage 8 per cent growth over a couple of decades. Paytm CEO V S Sharma was of the view that “the fourth industrial revolution” will depend on affordable and accessible Internet for all. According to Niti Aayog CEO Amitabh Kant, the country needs a radical restructuring of education and health sectors to sustain growth momentum.
(Economic Times of India / Daily News)
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OH Seems like Ranil has had a all out with western world. Now sucking up to India and China. Two years ago they were going to cancel all dealings with China and criticized MR for having too much to do with China. wonder what brought the change of tune.
Engineering the economy is not an easy task neither a joke.
Keeping the country on a knife edge will be another big game, which will be played with India soon.
ETCA is known to be a wrong decision.
RW mentioned that adding up the workforce together, this gives the real picture out.
India is full of graduates, who don’t have a job. They will work for free for 1 year, until they get the place. Or they will work for cheap.
Do they think this is a good option?
Currently there are foreign workers, who work using tourist visa. There was a news about it.
Whom are they playing with?
This guy is a dreamer; does anyone reckon the ‘first world’ will ever recognise the ‘third world’?
Just read the following:
The 2016 Nobel Peace Prize has been awarded to Colombian President Juan Manuel Santos for his efforts to end Colombia’s long-running civil war with the FARC guerrilla group. Santos won the Nobel Peace Prize on Friday in a surprise after Colombians voted “No” to an agreement he signed with rebels to end 52 years of war. Santos has promised to revive a peace plan even though Colombians, in a referendum on Sunday, narrowly rejected the accord. Many voters reckoned it was too lenient on the FARC guerrillas. The Nobel Peace Prize, worth 8 million Swedish crowns ($930,000), will be presented in Oslo on Dec. 10.
Why did the west fail to recognise Mahinda Rajapaksa’s annihilation of the Tamil Tiger?
Why are they accusing him of war crimes?
Dear Bloggers, it is the skin that matters not the person, in this modern world !!!!
” Evam me sutan ” ( Thus have I heard ) ,
Once there was a competition among the birds to decide as to who could fly the highest . The bat who has never held a straight bat , the ostrich and the kiwi never known to be good flyers were all there. On starter’s whistle all started flying upwards into the air. By the way I forgot, the old Hen from the Walauwa strutting very majestically proclaiming that she would be the advisor to the winner ( of course after the event ) was also there . after a few minutes it was evident that the eagle would beat them all. The eagle continued fly till he was very tired and was about to turn back when – lo and behold ! out sprang – hitherto hidden among the feathers of the eagle – a house sparrow and continued to fly higher shouting jubilantly ‘ I’m the Greatest !’ After a few minutes, his scorched body was seen plummeting down on to the sprawling foliage of temple trees near Kollupitiya in Sri Lanka.
This guy is senile. Ignore him.