Structural reforms and innovation driven growth model are required to implement the UN 2030 Agenda for Sustainable Development Model and a blue print of this model will be presented by China at this year’s G20 Summit, KV Kamath, president of the New Development Bank (NDB) has said, HT reports.
Elaborating on the focus areas for the summit, Kamath told HT: “The global recovery still looks fragile and there is a need that the next chapter of development unleashes economic growth – not just for the few at the top, but inclusive and sustainable growth that lifts the fortunes of many.”
The NDB is a multilateral bank established by the BRICS countries (Brazil, Russia, India, China and South Africa.) Kamath said G20 began as a crisis management platform and has its task cut out.
“G20, as a platform, started as a crisis response mechanism and is elevating itself as platform that supports long term sustainable global growth. To ensure 2030 SGG aims are achieved and wide spread benefits are delivered, economic consensus and coordinated policy action plan will presented at this year’s summit,”Kamath said over email.
Kamath, who is NDB’s first president, said China’s role remains crucial in the recovery of the world economy despite the second largest economy having slowed down; in fact, the emerging markets as a whole will play a role in the recovery.
“Under the G20 presidency, China is expected to seek a stronger voice for developing countries and showcase itself as an important business centre,” the NDB president said. Kamath was confident growing economic ties between India and China, calling it a “win-win opportunity” for both countries.
“Expanding ties between China and India is a win-win opportunity. With strengthening of economic relations between the two countries, Indian companies will have a better access to the vast Chinese market and will be able to leverage global opportunities out of China,” he said.
China too was looking at economic opportunities in India.
“For China, there will be opportunity to showcase its capabilities and contribute to its economic growth. There is a significant potential for commercial linkages between India and China as well as for boosting knowledge flows between these two countries.”