As it happened: Modi addresses ASEAN summit

Huge billboards welcoming Modi are all over downtown Kuala Lumpur. There is huge excitement among local ethnic and expatriate Indians.

November 21, 2015 06:57 am | Updated November 17, 2021 02:05 am IST - Kuala Lumpur

Mr. Modi said "I invite you to come and see the winds of change in India. Winds do take time to cross the borders. That is why I am here to invite you."

The Prime Minister also outlined the immense opportunities in India at ASEAN Business and Investment Summit.

Mr. Modi said "Friends! Most of the ASEAN economies have done their bit for Asia’s resurgence. Now, it is India’s turn. We know that our time has come."

The Prime Minsiter said "I want to assure you that India is committed to protect IP Rights of innovators. A National IPR policy is expected by end of the year."

Mr. Modi "To revitalise the flow of investment we have launched the second wave of structural and financial reforms."

The Prime Minister said "IIP in current year shows a distinct improvement over the last year. We are working in all ways to make India a global manufacturing hub." He also said "Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators."

Mr. Modi further added "We are doing everything to make India a global manufacturing hub."

Mr. Modi said "In a break with over 65 years of tradition, we have involved India's states in foreign policy."

"Our major ports witnessed 4.65% growth in traffic and 11.2% increase in operating income in 14-15 despite a global contraction in trade," Mr. Modi said.

Mr. Modi said "GDP is up, inflation down, FDI up, Current Account Deficit is down, Interest rates are down & Tax revenues are up, & rupee is stable."

Mr. Modi stated "We have begun institutional and structural reforms - in agriculture, housing, transport, financial inclusion, investment."

Mr. Modi said "We have launched a 'Housing for All' program. It involves building 20 million urban houses and 29.5 million rural houses."

"Our aim is not to merely reform but the aim is to transform India. Reform is just a station," Mr. Modi said.

Mr. Modi further added "Macro-economic stability is good. But to transform India, much more needs to be done. We have begun a series of concerted steps."

The Prime Minister while addressing the summit said "GDP growth is up and inflation is down. Foreign investment is up and the CAD is down. Tax revenues are up and interest rates are down."

Mr. Modi said "By almost every major economic indicator, India is doing better than when we took office."

Mr. Modi "World economy isnt doing well, success of Indian ecomony is a result of series of well thought out policies."

The Prime Minister said "The destination is the transformation of India."

Mr. Modi said "It was obvious that reforms werwe needed when my Govt took over."

"I have been saying that the 21st century belongs to Asia. I say this because of the track record of ASEAN countries," Mr. Modi said.

Prime Minister addressing the ASEAN summit meeting said "Even as Prime Minister, my engagement with ASEAN started as soon as I took over."

U.S. President Barack Obama said the United States was working with Southeast Asian allies to preserve maritime security and freedom of navigation and said economic disputes should not be settled by bullying.

"We believe economic disputes should be resolved by dialogue not by bullying or coercion," he said in a speech on trade and economic integration at a regional summit in Malaysia. Mr. Obama did not name or accuse any particular country.

"The United States is working ... to uphold the freedom of navigation and ensure disputes in the region are resolved peacefully," he said.

Prime Minister Narendra Modi on Saturday met Chinese Premier Li Kequiang during a bilateral meeting amidst the multilateral meeting. It is the first engagement of Mr. Modi in Malaysia.

“The bilaterals amidst the multilateral. Modi meets Premier Li Kequiang for his first engagement,” Vikas Swarup, the external affairs ministry spokesman, tweeted.

Prime Minister Narendra Modi arrived in Kuala Lumpur on Saturday on a three-day visit to Malaysia during which he will attend two high profile meetings, the Asean-India Summit and East Asia Summit.

Mr. Modi was received by the High Commissioner of India to Malaysia T.S. Tirumurti.

“Reached Kuala Lumpur. Today’s programmes include ASEAN Business & Investment Summit, 13th ASEAN-India Summit & one-to-one meetings,” Mr. Modi tweeted upon his arrival.

Huge billboards welcoming the Indian premier are all over downtown Kuala Lumpur.

There is huge excitement among local ethnic and expatriate Indians who are all eager to meet Modi.

At least 50 people, mostly ethnic Indians waited patiently outside the Renaissance Hotel, where Modi is staying, hoping to see him with their mobile phone cameras held high to get that quick snap of the Indian premier.

Lakshmi Logamathy, a 25-year-old secretary, and two of her friends had come to the hotel early in the morning and waited on the low parapet wall outside the hotel foyer to catch sight of Modi getting out of his car.

“I got his picture, I am so proud to have met him,” an excited Lakshmi told PTI .

Modi will address the East Asia Summit tomorrow.

He will also address the Indian diaspora on Sunday.

Mr. Modi will also hold talks with top leadership of Malaysia, including his counterpart Najib Razak, on ways to ramp up bilateral cooperation in a range of areas including defence and security and take the strategic ties to a new level. The two sides are likely to sign a number of MoUs.

Combating terrorism is likely to be one of the key issues at the 10th East Asia Summit as nations, shocked by the recent horrific Paris terror attacks, try to step up efforts to stem the menace.

ASEAN is one of the world’s fastest growing regions and both sides are likely to seek greater economic engagement besides expanding cooperation in areas such as maritime security including freedom of navigation, drug trafficking and cyber crime.

ASEAN is India’s fourth largest trading partner and India is the sixth largest trading partner for the ten-member grouping.

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