The Rule Of Law Is An Essential Pre-Requisite For Economic Growth: Vice President
90th Anniversary Of The Bihar Chamber Of Commerce And Industry
Patna (PIB-GR-TYP-BIN): The Vice President of India, Mr. M. Hamid Ansari has said that the existence of rule of law is an essential pre-requisite for creating an environment that supports economic growth and draws foreign investments. He was addressing the event to mark the 90th Anniversary of the Bihar Chamber of Commerce and Industry, in Patna on Sep 9.
The Vice President said that Bihar has to create an environment where more businesses see Bihar as a gateway to consumers in the eastern part of the country and as a place where cost of setting up a plant will be competitive with an abundant supply of workers. He said that he was confident that the government, with its impressive mandate and focus on inclusive development, is devoting its policies and energies to attain these objectives.
The Vice President said that business is conducted best under conditions of peace, stability and good governance and the existence of standardized and harmonized commercial laws provides certainty and predictability for international business. Countries desiring to have a share of international business must be prepared to adopt conventions and model laws that the major trading nations have already implemented as part of their law, he added.
The Vice President said that the most direct and visible link between international legal obligations, the rule of law and investor confidence is demonstrated by the emergence and rapid proliferation of the modern Bilateral Investment Promotion & Protection Agreements or BIPAs. He further said that the Government of India have, so far, signed BIPAs with 83 countries out of which 72 have already come into force. Our experience has been that BIPA encourage foreign investors to invest in a State and there by contributing towards overall developments and advancements of the economy, he added.
The Vice President also offered his condolence to the people affected by the ravages of floods in the past few weeks and added that he was confident that the efforts of the government and the resilient spirit of the people of Bihar will prevail and they will come out of the ordeal stronger.
The Governor of Bihar, Mr. Ram Nath Kovind, the Chief Minister of Bihar, Mr. Nitish Kumar, the Deputy Chief Minister of Bihar, Mr. Tejaswi Yadav, the President of Bihar Chamber of Commerce and Industries, Mr. O. P. Shah and other dignitaries were present on the occasion.
(Source: PIB/GR/TYP/BIN/USPA/WN/IAIJ)
