By IANS,
New Delhi : With the changing global economic paradigm, India is giving increasing importance to trade and business in its foreign policy, Foreign Secretary Nirupama Rao said Wednesday.
“Our expanding engineering and industrial capacities is indicative of India’s changing global profile and power – increasingly power for economic presence on the international stage,” Rao said at an event to launch a long-term credit scheme for developing countries.
Rao said India has been actively involved in capacity building in the developing countries, especially in Africa and Latin America.
The foreign secretary said concessional lines of credit provided to the developing countries have become an important tool in India’s foreign diplomacy.
India has so far extended 137 lines of credit worth over $7 billion to 57 developing countries, mostly in Africa, Latin America and some neighbouring countries like Bangladesh.
“This has helped promote political and commercial interests of India among the developing countries and at the same time generated an immense amount of goodwill,” said Rao, adding concessional credit facilities have become not only of “commercial diplomacy but also of our foreign policy and national interest as a whole.”
She said the ministry of external affairs had been actively involved in promotion of trade and foreign investments.
“Our missions abroad today accord top priority to commercial and economic activities by facilitating promotional activities and seeking enhanced economic engagements within the countries of their accreditation,” she said.
Rao said India had been constantly redefining the roles of its 176 missions across the world. “Economic diplomacy is becoming an important facet of India’s foreign policy now. The role of our global diplomats are constantly redefined and amplified to promote this policy.”