Epicentre of the global economy is now shifting to Asia

Lahore: Speaking at the Asia Pacific CEO Forum organized by International Chamber of Commerce ICC in New Delhi, the Chairman of Nishat Group and MCB Bank, Mian Mohammad Mansha stated that the epicenter of the global economy is now shifting to Asia, trends are clearly pointing to the shift of geopolitical, economic and financial power from the developed economies to the emerging markets of Asia, says a release here Friday.

The Forum which was also addressed by Indian ministers including Anand Sharma Union Minister of Commerce and Industry and Textile and Salman Khurshid Minister of External Affairs, appreciated that this will have an increasing impact in the region as Asian economies contributed to nearly sixty percent of global growth in 2012 and the focus of the 21st century is shifting increasingly to Asia.

In his address Mian Mansha further stressed that a sound and efficient financial architecture is needed to take advantage of the potential in the Asia Pacific region. In this context, he also emphasized the need for greater connectivity among the countries of the region, particularly in South Asia. To improve connectivity and ease of doing business, Mansha suggested opening bank branches in Pakistan and India by interested banks which meet the laid down criteria.

The ICC Asia Pacific CEO Forum’s objective was to bring together senior business leaders from the region, and beyond, to discuss how the Asia Pacific region can help stimulate the global economy. The purpose of the forum was to provide an opportunity for high level networking and exploring business connectivity with participation of around 60 CEOs from Asia Pacific, Europe, Middle East and US. The Forum intended to develop a high level policy message on key issues affective economic growth in the region to G20 leaders in advance of the 2013 G20 Summit in Russia.

Participating countries besides India and Pakistan were Australia, Bangladesh, China, Hong Kong, Indonesia, Japan, Korea, Macau, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka, Thailand, France, Finland, US, Mexico.