Malaysia: The Economic Times Asian Business Leaders Conclave, was inagurated at Hotel Mandarin Oriental, Kuala Lumpur, Malaysia here on December 14. Top Business leaders across Malaysia, China, Hongkong, India, Singapore and UAE have been part of this unique conclave where Prime Minister of India Narendra Modi addressed the delegates via video conferencing.
The two day event was inaugurated by Prime Minister of Malyasia Datuk Seri Najib Razak. Addressing the gathering, Prime minister of Malaysia said, “I thank both our counterparts in other Asian Governments and the organisers for inviting me to join you at this inaugural edition of The Economic Times Asian Business Leaders Conclave.”
“This landmark Conclave brings together many of Asia’s foremost business leaders to discuss ways to ensure that the region remains the most thriving centre for trade in the world. Malaysia is a politically stable country with a well-developed legal system and attractive incentives for investors”, he added.
Against the backdrop of his demonetisation decision, Prime Minister Narendra Modi today addressing via video conferencing the ‘Economic Times Asian Business Leaders Conclave 2016’ in Kuala Lumpur along with his Malaysian counterpart Najib Razak said that cleaning the system from black money and corruption is “very high” on his agenda amid a push towards employment generation and self-employment opportunities.
“India is currently witnessing an economic transformation… We are now moving towards a digital and cashless economy. Presently, cleaning the system from black money and corruption is very high on my agenda,” Modi said, against the backdrop of his November 8 decision to scrap notes of Rs 500 and Rs 1000 denomination. He said the economic process in India is being geared towards activities which are vital for generating employment or self-employment opportunities. The Prime Minister told the gathering that a number of steps have been taken to attract greater FDI and listed the various steps taken in this direction.
He also mentioned that amendment to the Constitution to pave the way for Goods and Services Tax (GST), which will overhaul the indirect tax system in India, has been cleared by Parliament and “this is expected to be implemented in 2017”. “We welcome those who are not in India so far… India is not only a good destination. It’s always a good decision to be in India,” Modi said. “We have opened up new sectors for FDI and enhanced caps for existing sectors,” he said, adding the government’s concerted efforts on major FDI policy reforms continue and conditions for investments have been simplified. Total FDI inflows in the last two and a half years have touched USD 130 billion, Modi said. “The positive change in policy, regulatory and investment environment in India is recognized by both domestic and foreign investors,” he said.
The event is a platform for the biggest business leaders of Asia along with bureaucrats to converge and facilitate conversations on Asia as a business hub and the role of the rising business leaders.
ET Edge said the gathering of the heads of the most successful corporations in the region aspired to become the seminal annual event for deliberating the course businesses need to take as they seek to make Asia the business hub of the world.
The Mumbai-based Economic Times is India’s leading business newspaper published simultaneously in 12 Indian cities.
ET Edge is an Economic Times initiative founded to empower multiple industries and segments by sharing critical business knowledge through focused exhibitions and strategic conferences and summits.
Newskarnataka and Karnataka Today are part of this international conclave as the official Media and Print partners.
