AIIB concludes its 3rd Annual Meeting

AIIB concludes its 3rd Annual Meeting
28/06/2018 , by , in News/Views

Asian Infrastructure Investment Bank (AIIB) concluded its third Annual Meeting on a high note to improve connectivity within the region and in turn enable citizens in the region to reach their potential and enjoy prosperity and security.

“Asian developing countries now account for 60% of global growth while roughly two-thirds of global trade is part of value chains passing through Asia. Unfortunately, protectionism practiced by some countries is likely to dim the prospects for all countries in the world, including themselves,” said Mr Jin Liqun, President, AIIB.

Participating in a panel discussion during the day, Amitabh Kant, Chief Executive Officer, NITI Aayog, pointed out that “Make in India is about laying emphasis on manufacturing in India, not protectionism. India believes in globalization and has opened its economy in every single sector that you can name. As a result, India has stood numerouno in terms of attracting foreign direct investment in the past three years.”

Earlier in the day, Hon’ble Prime Minister NarendraModi called upon the need to deepen India’s engagement with AIIB. In his speech, Prime Minister called upon Asian Infrastructure Investment Bank (AIIB) to increase its lending to US$40 billion by 2020 and US$100 billion by 2025 from US$4 billion now.

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