Among the first events at the World Economic Forum (WEF) meet at Davos in January was an 'Insight Policy Workshop: The Asian Century', which was inaugurated by Shri Kamal Nath, Minister of Commerce and Industry. He opened a discussion on the Asian Renaissance, drawing the attention of the think tanks all over the world. According to him, the Asian region grows in economic importance, its future leadership (and growing soft power), to which the world is increasingly looking at the east for greater economic engagement. The Minister was the chief panelist at the event. Shri Shashi Tharoor, former UN diplomat and Shri Kishore Mahbhubani, Dean of Lee Kuan Yew School of Public Policy, Singapore. Shri Raju Narisetti, Managing Editor, Mint, HT Media, were some of the main participants. The event was attended by members of the young global leaders which operate under the aegis of WEF

Commenting on the recent global market sell off, Shri Kamal Nath felt that India should be out of it soon as the changing global economic architecture calls for fundamentals contributing to changes which are shifting with increasing importance for the Indian economy.

Shri Kamal Nath stated that the rules of international trade were changing and managing growth was the biggest task ahead for India.

Economic reform transformed India's private sector says Kamal Nath at the global challengers session

The addressal made by Shri Kamal Nath, at the Challengers Session, included his remarks on the economic reforms in India which was largely responsible for transforming India's private sector and its growth being driven by many companies that were set up in the nineties. New sectors such as IT and communications, and modernised old sectors such as the automobiles and pharmaceuticals are the new upcoming ones.

The Minister observed, the increased openness had contributed significantly to the growing confidence of Indian firms and the scrapping of controls on expansion allowed many Indian firms to aspire for global economies of scale for the first time. Among others, the meeting was also attended by Rahul Bajaj and leading Global CEO's. During the course of interaction with the participants, Shri Kamal Nath stressed that Indian globalisation is synonymous with Indian entrepreneurship and the domestic entrepreneurship is the engine that is driving India's growth. Indian companies are seizing the opportunities presented by new technologies and a more open economy.

The Minister further referred to the process of globalisation in India that resulted in important shifts in the mindsets and added that in the past, because of the restrictive economic environment, the top management in India tended to be in their comfort zones and steeped in their own cultures. Indian leadership, both in corporate India and also in the government, has been thinking in much more ambitious terms. The corporate sector either has the cash flows or they can generate the cash flows to think in these terms and are willing to take the risk of global expansions. This has given the Indian government the confidence that they can take on the world. Accordingly, Indians are creating conditions for them by creating an investment, regulatory and trade environment that is on par with the best in the world.

Rahul Bajaj summed up the session by stating that a global mindset is about thinking of the whole world as one's own arena, being comfortable in interacting with people from multiple cultures, looking at the various markets while strategizing, leveraging talent from all cultures, making sure that all cultures are comfortable in one's milieu.

Canadian participation at WEF 2008
Canada too was at WEF, where Federal Ministers Emerson and Bernier represented the country. Minister Emerson signed a free trade agreement with the European Free Trade Association (EFTA) countries of Switzerland, Norway, Liechtenstein and Iceland. He also participated in a meeting of trade ministers to review the status of World Trade Organization negotiations. This agreement will open up opportunities by bringing down trade barriers and by providing Canadian business a foothold in the heart of Europe.

Minister Emerson also concluded free trade negotiations with Peru. This FTA will solidify the trade and investment relationship and open up opportunities for Canadian business in a range of sectors.

Minister Bernier on the other hand had bilateral meetings with ministerial counterparts from other nations.
Canada and the four EFTA countries are engaged in significant trading activities including import, export, investment, two-way merchandise trade...