India to attend ADB’s II World Anti-Crisis Conference in Kazakh capital Astana

Astana (Kazakhstan), May 1: India will attend the first plenary session of the II World Anti-Crisis Conference at the Annual Meeting of the Board of Governors of Asian Development Bank” at the Palace of Independence in Kazakh capital Astana from Friday (May 2).

Finance Minister P. Chidambaram will represent India at the event, which is expected to train its focus on ways to introduce structural reforms to prevent global stagnation, as also to assess how developing countries like India can substantially enhance their roles in facilitating sustainable and balanced growth of the global economy.

Among the other key dignitaries attending the plenary session are Kazakhstan’s Deputy Prime Minister Bakhyt Sultanov, Indonesia’s Finance Minister Muhammad Khatib Basri, Deputy Secretary General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP),Shamshad Akhtar, Director General of the United Nations Industrial Development Organization (UNIDO), Li Yong, Vice President of the Asian Development Bank,Bindu Lohani,Executive Director of the Committee on Reinventing Bretton Woods, Marc Uzan, besides many more.

In 2008, the international community developed an understanding that developing countries can rebuild the balance of forces in the economic map of the world. Although it was expected that this process would take two decades, it was completed in the last five years.

Countries of Eurozone, Asia and China are undergoing major changes in their economic growth models, while G-20 countries in their latest communiqu‚ have set the task of targeted increase in GDP to the extent of two per cent over the next five years.

The main theme of the plenary session will be “Global Growth Restoration: New Economic and Institutional Drivers”.

The following key issues will be discussed at the II World Anti-Crisis Conference: (1) Measures necessary for sustainable growth in the long term (2) The role of Asia and Central Asia in the new growth strategy (3) The impact of reform in China on the global economy (4) The necessity for regionalization of the world economy through free trade agreements – pros and cons (5) The global coordination policy (6) Measures necessary for the normalization of monetary policy in developed countries and (7) Dilemma of development of the Asian bond market.

The plenary session will be held from 3 p.m. to 5 p.m. local time on Friday.

Kazakhstan has been pitching for the right to play host to the annual meeting of the Board of Governors of the Asian Development Bank (ADB) since 2007.

At the ADB’s annual meeting in Hanoi, Vietnam, in May 2011 it was announced that Kazakhstan capital Astana would be the next venue of the meeting from May 2 to May 5, 2014. (ANI)