WEF 2018: PM’s Davos visit to attract global investors, says Prabhu

Prime minister Narendra Modi’s maiden visit to Davos to attend the World Economic Forum’s (WEF) annual meeting carries great significance […]


Prime minister Narendra Modi’s maiden visit to Davos to attend the World Economic Forum’s (WEF) annual meeting carries great significance as he will spread the word about India’s progress globally, thereby increasing investments into the country, commerce minister Suresh Prabhu on Wednesday said. The minister said that Modi will throw a grand reception and hold a separate meeting with select CEOs, adding that “everybody is keen to meet our prime minister”. On measures being taken to draw investors, the commerce and industry minister said that a panel has been appointed, chaired by the department of industrial policy and promotion’s (DIPP) secretary, to ensure there is minimum regulation with a view to attracting more foreign direct investment (FDI) and spur domestic investments. Narendra Modi will travel to Switzerland on 22 January for a two-day visit during which he will deliver the keynote address at the plenary session of the WEF in Davos. This will be the first participation by an Indian prime minister in the WEF in over two decades. In 1997, the then prime minister H D Deve Gowda had attended the Davos summit. “Prime minister Narendra Modi is going to Davos to spread awareness on India’s progress worldwide and to increase investments into the country. New companies will come thereby increasing employment opportunities here. The farmers’ income will rise if new agricultural technological know-how comes. “If fresh investments come to the services and manufacturing sectors that will also benefit the countrymen, especially the working class,” Prabhu told reporters in New Delhi. According to the minister, the atmosphere in Davos is “very good” and several requests have been received from various industries and CEOs from different nations to meet the prime minister. “The PM is throwing a big reception where everyone will meet him. He will also hold a meeting with select CEOs. “I feel that after [the PM] telling them about various schemes in India, the investment opportunities in the country will increase further, therefore the prime minister going there [to Davos] is really significant,” Prabhu said. He pointed out that for the first time, six ministers are also going to Davos, besides officials from the DIPP and a strong delegation comprising Indian industrialists. “For India to progress, investments are needed. People in the country should also invest, for that various measures are being taken. “I have appointed a committee chaired by the DIPP secretary to ensure there is minimum regulation, so that by doing away with regulation investment increases. Therefore, measures are being taken not only to increase domestic investment but also to attract more (FDI) as it opens fresh avenues for India’s progress,” he added.

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