ADB AGM in Hyderabad;'Expression of confidence in India':(FM)

ADB AGM in Hyderabad;'Expression of confidence in India':(FM)
New Delhi | April 24, 2006 4:33:09 PM IST

Hyderabad is the venue of the 39th Annual General Meeting(AGM) of Asian Development Bank (ADB) to be held at the city's International Convention centre from May 3 to 6, with Finance Minister P Chidambaram describing this as a vote of confidence of the country's growth potential.

The prestigious event will be attended by the representatives of 64 member countries of the ADB and is to be chaired by the Union Finance Minister. In addition, there will be a large number of senior officials from the government, financial institutions, economists, leading Non-governmental organisations and media. Nearly 2,000 delegates are expected to attend the event.

''The AGM presents an opportunity to focus the global spotlight on India's emerging potential as an investment destination against the backdrop of its robust economic fundamentals of more than eight per cent growth, growing purchasing power and strong performance in manufacturing and services,'' Mr Chidambaram said while addressing a Press Conference here relating to the event.

Apart from the statutory meetings on ADB's operations, this year's meeting will discuss a range of issues, including key trends in the international economy and their implications for Asia-from Basel 11 norms to Information Technology, and labour and global capital market flows.

''The Annual meeting is set against a backdrop of ADB's acknowledgement of the government's agenda of promoting inclusive growth by focussing on infrastructure development through programmes such as Bharat Nirman, the National Highway Development Programme, and the National Urban Renewal Mission,'' Mr Chidambaram said.

Hyderabad was selected by the ADB to host the event because its convention centre has capabilities of hosting more than 5,000 people, providing state-of-the-art facilities and IT connectivity.

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