Developing countries like India must foster cooperation among regulatory bodies and investors to attract investments, cited panellists at the ongoing “The Partnership Summit 2015” organised by industry body Confederation of Indian Industry (CII) here.
“Developing countries must prioritise the creation of an enabling macro-environment and foster cooperation among regulatory bodies, financial sector agencies and investors,” said Phil O’Reilly, chairman, business and industry advisory committee to the Organisation for Economic Co-operation and Development (OECD).
O’Reilly stressed on the need to separate commercial finance and development finance. He remarked that the latter should only be used to fill the gap that the former is not able to tackle.
Other panellists, who spoke at the summit co-organised by the commerce ministry’s Department of Industrial Policy and Promotion (DIPP) included Yaduvendra Mathur, chairman and managing director, EXIM bank who expressed the need to set-up value chains in the country.
Mathur advised foreign investors to pump in funds not only to produce goods but to set up entire value chains of complex products involving a high degree of technology and skills.
The panellists summed up the session by highlighting that the critical areas where reforms are imperative in India include labour laws, corruption and facilitating easy movement of people, capital and goods.
(IANS)