5 – 7 July 2022 | Virtual Platform
 
 

Overview

The Indo-Pacific region, encompassing geographies from the western shores of the United States to the eastern coast of Africa, is widely recognized as the new centre of global economic gravity and the hub of innovations and enterprise. Over the last few years, the Indo-Pacific has acquired greater prominence and heft in the foreign policy calculus of countries located in this extended geography spanning continents. Two narratives of the Indo-Pacific are emerging simultaneously and competing for global attention: I) The Indo-Pacific as a geopolitical construct marked by competition and rivalries posing security threat to the region; and II) the emerging economic framework of the Indo-Pacific which can unleash economic prosperity across the region by promoting trade and investment flows. Looking ahead, the geo-strategic and economic dimensions of the Indo-Pacific need to coalesce to optimally harness huge potential of this rising region.

In the times of decentralised globalisation, the Indo-Pacific region, a relatively new strategic construct covering 44% of the world's surface area and accounting for 62% of the global GDP, has emerged as a heavyweight in global trade. This geographical expanse, through which an estimated 50% of global trade passes, comprises countries in Asia, Africa, Europe, and the Americas which account for over half of the world population and two-thirds of global growth With the 10-nation ASEAN at its core, the Indo-Pacific region has significant growth potential in both merchandise and services trade within the region. The intra-Indo-Pacific trade is estimated at 60% of the region’s total trade, thereby indicating strong inter-dependencies. The trade potential is augmented by the region’s growing markets and bolstered by a sizeable rising middle class. The economic heterogeneity of the Indo-Pacific need to be underlined and factored into account for devising a coherent and effective framework for cooperation in the region. The region is home to some of the world’s most developed countries along with the most populous and poorest, which necessitates a more calibrated approach and strategy according to nature, size and capacity of individual countries. Enhancing trade and connectivity in the region will, therefore, require a multi-pronged, differentiated approach to develop an an economic framework for the Indo-Pacific.

For India, the engagement with the Indo-Pacific region is critical to advancing its rising global profile and promoting its global economic interests. The geostrategic and geo-economic aspects are equally important for India’s vital national interests. India’s holistic vision of the Indo-Pacific is underpinned by respect for international law and territorial integrity and sovereignty, and economics free of coercion and politics free from the threat or the use of force. In New Delhi’s view, countries with shared values and vision can work better to achieve shared objectives and interests. India’s vision of a free, open, balanced, and inclusive Indo-Pacific region, anchored in ASEAN centrality, was outlined by Prime Minister Narendra Modi at the Shangri-La Dialogue in Singapore in 2018. India’s approach includes multilateralism, plurilateralism and collective action, which were blended in the Indo-Pacific Oceans Initiative launched by PM Modi at the East Asia Summit in 2019. The IPOI rests on seven pillars -- Maritime Security, Maritime Ecology; Maritime Resources; Capacity Building and Resource Sharing; Disaster Risk Reduction and Management; Science, Technology and Academic Cooperation; and Trade Connectivity and Maritime Transport. The IPOI is expected to complement India’s growing trade relations with the Indo-Pacific countries. Bilateral trade with 21 key Indo-Pacific economies has increased about eight times over the last 19 years, reaching US$ 262 billion in 2020 from US$ 33 billion in 2001. In this period, India’s exports to these economies grew seven times and its imports from these economies witnessed an impressive growth of over 10 times. With an inclusive and resilient Indo-Pacific that is free and open as a key pillar of its global economic strategy, the India strives to deepen international strategic, economic and developmental partnerships in the region. The challenges of the post-Covid world have broadened its engagement with the region beyond trade and investment to embrace issues such as healthcare, climate change, digitalization and inclusive growth. Trade and connectivity have emerged as key to India’s engagement in the two-ocean strategy.

Industry of the two-ocean region plays a central part in meeting the goals of the Indo-Pacific strategy. The Indo Pacific Business Summit aims at coalescing industry efforts around the vision of a free, open, and inclusive region which embraces us all in a common pursuit of progress and prosperity. It builds upon the dialogue process initiated during the First Indo Pacific Business Summit in 2021 to consolidate the shared vision and strengthen partnerships for growth.

The First edition of the Indo Pacific Business Summit organised by CII in partnership with Ministry of External Affairs, Government of India in July 2021 was an outstanding success. The Summit had participation of 150 speakers including 15 Hon’ble Ministers from across the region in deliberations which were spread across 3 days with 19 focused sessions. Following the resounding success of the 1st Indo Pacific Business Summit, CII proposes to organise the 2nd edition of the three-day Indo Pacific Business Summit in partnership with Ministry of External Affairs, Government of India from 5-7 July 2022 over a virtual platform.

The second edition of the Indo Pacific Business Summit will bring together leading stakeholders, including the government, business, policy makers, and thought leaders to deliberate on some of the important pillars of the IPOI initiatives including (i) improving connectivity in the region (ii) accelerating investments in key and emerging business sectors in these economies, (iii) energetic trade promotion and facilitation, (iv) systematically identifying and resolving issues / barriers to bilateral trade and investment flows, and (v) meeting the shared environmental and sustainability goals.

The Summit would have participation of Ministers, Business Leaders, Financial Institutions, and Investment Agencies from the region and cut across sectors to discuss strategies for further strengthening economic engagement and bring to the fore the Indian government’s larger vision of long-term engagement in the Indo-Pacific Region.