Developing nations can lead global growth: Nirmala

Visakhapatnam: Developing nations like India, can lead the world towards sustainable economic growth by providing cost-effective solutions to problems in various key sectors, Commerce and Industry Minister Nirmala Sitharaman today said.

The Minister said that be it engineering, agriculture, science, technology, healthcare and education, "it is the developing countries today which have cost-effective solutions for most of the industrialised advanced societies".

Addressing a session on 'Achieving sustained economic and trade growth: can developing countries lead?', Sitharaman stressed that nations like India have a strong presence in important sectors which are needed to strengthen global economy.

"The globe realises today that engines of the world's GDP have to move faster, it has to move faster on the back of the developing countries," she added.

In areas like automobiles and pharmaceuticals, India is playing a leading role, she added. Sharing similar views, Bangladesh Commerce Minister Tofail Ahmed said that the 21st century belongs to Asia.

Speaking at the session, UAE Minister of Economy Sultan Bin Saeed Al Mansoori said India needs to further open its economy as it has huge potential to attract investments.

"We are very much looking forward to cooperate with India in areas like innovation," Mansoori said.

Nepalese Commerce Minister Romi Gauchan Thakali said that India has the potential to lead Asia. He said hydro power is the main segment where it can enhance collaboration with India.

The Minister also sought investments from India in hydro power and services sector. First Vice Prime Minister of Ukraine Stepan Kubiv too underlined the need for enhancing cooperation between the two countries to increase trade and investment.

Deputy Minister of Industry and Commerce, Zimbabwe, C I Mabuwa said that a huge potential exists between the counties to increase trade and investment.