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Delhi summit on emerging economies ends but the work continues

Published on Mar 27, 2014 1:12 PM
Mr Claude Smajda, co-chair of The Growth Net 2014 and president of Smadja and Smadja. -- PHOTO: THE ANANTA CENTRE

One has only just concluded its second meet. The other is a constantly evolving group. In that sense, both The Growth Net and the emerging economies it aims to provide a platform to, are works in progress, the forum's co-chair Claude Smadja told The Straits Times.

"As countries are moving, they are joining this new constellation in the global economy - the emerging markets or what we prefer to call the new growth countries. The group is not set... At the same time we must not forget The Growth Net (TGN) initiative is in its infancy. But we know there is potential as there is wish and need among these countries to boost and accelerate business interaction, identify opportunities outside their boundaries and regional arrangements," he said.

For instance, Latin American mining companies want to work with Indonesian companies, or Indian businesses are looking at Africa. While in Singapore, commodity trading company Olam's ventures in Africa is a good example of this, he said.

The three-day conclave identified some common challenges that face emerging economies or "the new constellation in the global economy", at its concluding session here on Tuesday evening, namely, infrastructure development, good governance, technology and capacity building.

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