It is being increasingly realized that India's inexorable march towards attaining super power status is driven, in no small measure, by its rapid integration with the global system. This, in my view, makes it imperative for us to consider a deeper strategic and geo political view of the world so as to maximize our gains in the prevailing milieu. In fact, the time has come for us to explore options such as that of economic diplomacy in order to reposition ourselves in the changing world order. Indeed, we need to broaden India's base in foreign policy by creating synergies with our major economic partners in general and our neighbours in particular in the spirit of healthy give and take for mutual benefit. This would help us to take on a larger role in the international arena.

I find that, in recent times, economic diplomacy, is slowly but surely gaining currency as a concept. This is an instrument which our country can seize to the pull off the Indian dream of assuming global leadership. Pt. Nehru also had this in mind when he said that " Foreign Policy is the outcome of our economic policy". I strongly agree that the time has come for us to chart out our path of economic diplomacy. We should not desist from drawing on this option and acting upon it in right earnest.

I say this because there are several elements in the external environment that favour India in this endeavour. In fact, during my several business visits abroad I have found renewed interest in India's progress. Our country has become a preferred business destination among foreign investors. We need to build upon such goodwill and support in our larger interest.

In fact, countries the world over are increasingly resorting the economic diplomacy to reinforce and consolidate their political agenda as well as economic interests with major partners. To cite an example, the stronger economic ties between China and East Asia are matched by political and diplomatic influence that China wields with its neighbours.

For this China has designed a well thought out long term diplomatic and economic strategy with its neighbours with the ultimate objective of integrating neighbouring countries into China's orbit and gain economic clout in the region - perhaps also to displace USA as a super power in East Asia. I feel that such instances should be carefully studied and if found suitable, included in our policy agenda as well. In this context, I would like to compliment the government's initiative to constitute the Trade and Economic Relations Committee as a new institutional mechanism for evolving policies on economic relations with other countries.

Here I would like to mention that Indian Companies, too, could provide a powerful dimension to the concept of economic diplomacy. In fact, industry, in partnership with the government, could leverage its acumen to build the country's brand abroad. Together we can ensure that our interactions in the global arena contribute to further create and reinforce our economic relations with our traditional friends and major economic partners.

The process, as I see it, has already started in a small way. For example, it is encouraging to read about the recent proposal to involve a private sector company in the securing a major oil field deal in Kazakhstan for our country. Similarly, many successful businessmen - both India based and NRIs - who have earned goodwill abroad by sheer dint of hard work and efficiency of operation could spread the message of Indian capability and competence through the customers with whom they come in contact. Such companies have also been contributing, in a big way, to the prosperity of the host country and could easily be used as our brand ambassadors. .

Business organizations like ours are also contributing to economic diplomacy by taking initiatives in the area of foreign trade eg mounting business delegations abroad, organizing meetings with foreign trade delegations etc to promote India's brand image abroad with active support and involvement of the Government. Against this backdrop, it is important that the government recognizes the crucial role of business in foreign policy and actively facilitates their growth in foreign markets.

Regarding Chamber's activities, we would like to mention that the Chamber in partnership with the state government continues to be active in the states in our command area. After the resounding success of our mega event in Madhya Pradesh, the Chamber has achieved a yet another milestone through its high profile J & K partnership summit in Srinagar. The seminars and meetings held in J & K, on issues of crucial importance for the state such as economic development of J & K, role of bankers, emerging paradigm of tourism and exports, were extremely relevant from the state's view point. The highlight of the event once again, has been the 'Udyog Ratna' award in which the Chief Minister facilitates the industrialists for the major contribution made by them towards industrial growth of the state. We intend to replicate such efforts in other states as well.

(K N Memani)
President