Jaitley assures FIIs more reforms to support investment
21 Sep 2015
Finance minister Arun Jaitley on Sunday told a meeting of major foreign institutional investors in Hong Kong that the Indian government is committed to following a path of reforms so as to facilitate investment.
Towards this, he said, the government has taken up the issues of meeting fiscal deficit targets in right earnest. It will also ensure implementation of the goods and services tax (GST) on a priority basis so as to provide a more unified market for businesses.
Addressing a luncheon meeting organised by Hong Kong Trade Development Council (HKTDC) and FICCI, he said there is an increasing trend in trade and Investment relationship between India and China and that Hong Kong has an important role in this.
India, he said, would look forward to enhancing its engagement with China and Hong Kong investment and trade areas, especially in the development of smart cities, an area where there is large potential for Hong Kong's service sector companies to collaborate with Indian companies.
Jaitley also acknowledged the contribution of overseas Indians in Hong Kong in promoting trade and investment with India
He reiterated the government's commitment to meet fiscal deficit target and to continue on the path of economic reforms.
The finance minister, who is on a two-day official visit to Hong Kong on 20 and 21 September 2015, appraised investors on issues relating to development of corporate bond market, currency derivatives market and further liberalisation of external commercial borrowing policy, including rupee denominated offshore bonds.
Margaret Fong, executive director, HKTDC, talked about large bilateral trade between Hong Kong and India and that Hong Kong was a major gateway for Indian exports to China. She said Hong Kong as a regional logistics and sourcing hub could play a larger role in India's trade with China and with East Asia.
HKTDC in April 2015 opened its second office in Delhi after Mumbai and would be organising visits of business delegations to India, she added.
Members of HKTDC raised issues relating to their participation in metro rail projects in India, power sector investments from China and supply of architectural and consultancy services from Hong Kong to India.
Later, the finance minister addressed the Indian community in Hong Kong at an event organised by Indian Chamber of Commerce, Hong Kong. The finance minister talked about the pride of the Indian communities abroad that India is moving in the right direction to realise it's true potential and due place in the world.
Jaitley acknowledged the contribution of overseas Indians in Hong Kong in promoting trade and investment with India.