Question: From 6th – 8th July 2021, 1st edition of Indo Pacific Business Summit is being oraganised by Confederation of Indian Industry (CII). It is being organized in association with which Indian Ministry?
a) Ministry of Commerce and Industry
b) Ministry of Finance
c) Ministry of External Affairs
d) None of the above
Ans: c
Context
- CII is organising the first edition of Indo Pacific Business Summit from 6-8 July 2021, over a virtual Platform in association with Ministry of External Affairs , Government of India.
Facts
Background
- Covid-19 pandemic has demonstrated that concentration of global supply chain in a single region can bring havoc to global economy. Indo-Pacific region can provide alternate supply chains to the world.
- CII has a historical and close interaction with all the sub-regions that make up the Indo Pacific. Its footprint includes offices in Singapore, Indonesia, Australia and the US as well as numerous cooperation agreements with like-minded industry bodies across the region.
- CII is setting the agenda through the Indo-Pacific Business Summit on a virtual platform that will enable prominent countries in the Indo Pacific region to participate.
Objective of the Summit
- To create and provide a platform for decision makers from Indo – Pacific countries to meet and discuss with business leaders and policy makers.
- Highlight the role of the States as the drivers of growth and partnership with countries from the Indo-Pacific Region.
- Identify and showcase opportunities for investment and partnerships by Indo-Pacific companies
- Promoting business collaborations and facilitating technology transfers.
Key Points regarding inaugural Summit
- It saw the participation of Ambassadors and High Commissioners of various countries across the Indo Pacific.
- Minister of External Affairs Dr. Subrahmanyam Jaishankar addressed the inaugural session of the summit and talked about resilience of healthcare and India’s contribution at global stage; Power of Digital and the importance of building or re-building greener.
- He also talked about Prime Minister Modi’s call for adopting a ‘One-Earth-One-Health’ approach at the recent G7 Summit .
Importance of Indo-Pacific
- Indo-Pacific is broadly to be understood as an interconnected space between the Indian Ocean and the Pacific Ocean.
- In recent time when China is pushing its hegemony in the South China sea , this region has gained high strategic value in terms of containing China’s expansionist attitude.
About CII
- The Confederation of Indian Industry (CII) is a non-governmental trade association and advocacy group based in New Delhi, India founded in 1895.
- CII engages business, political, academic, and other leaders of society to shape global, regional, and industry agendas. It is a membership-based organization.
By kameshwar shukla
Reference: https://newsonair.com/2021/07/06/cii-organises-1st-edition-of-indo-pacific-business-summit-in-partnership-with-external-affairs-ministry/
https://www.indopacificsummit.com/index.html