Antalya : Bharti Enterprises Chairman Sunil Mittal called on leaders of the world’s biggest 20 economies (G20) to ensure Internet access for all saying easy and affordable connectivity is a key driver for growth.
Speaking at the B20 session, held on sidelines of the G20 Summit, he also highlighted the need for simpler and easier global trading norms and investments in infrastructure and said the world needs to create more employment opportunities for women and youth.
For revival of global business environment, he said the WTO’s Trade Facilitation Agreement needs to be ratified and implemented. India is yet to ratify the WTO pact.
Mittal, who is also the Vice Chairman of International Chamber of Commerce (ICC), urged world leaders to commit and invest in developing digital infrastructure to deliver a brighter and more prosperous future to their citizens.
Stating that Internet can become the cornerstone of a more inclusive global economic growth, he underlined “the need to bridge the global digital divide and provide easy and affordable access to Information Communication Technologies.”
Highlighting the four-point agenda outlined by the ICC B20 for the revival of the global business environment, Mittal said new WTO research suggests that the TFA could boost global trade flows by an unprecedented USD 3.6 trillion, creating more than 20 million jobs in the process.
“The impact of implementing the TFA would be greater than eliminating all remaining tariff barriers the world over-and could lead to an increase in SME exports by up to 80 % in some economies as the Internet opens up new market opportunities,” he noted.
Although 51 countries have ratified the TFA to date, 108 are required to do so for the agreement to enter into force. Mittal also called for country-specific infrastructure strategies to boost investment in much needed infrastructure projects worldwide.
He also stressed upon the need to support the growth of Small and Medium Enterprises (SMEs), which generate 60 % of the world’s private sector employment.
“Globally, 95 % of the enterprises are SMEs and these should be at the core of the global growth strategy outlined by the G20 nations. The SMEs can become a major source of employment opportunities for youth and support a more inclusive economic growth,” he said. He said there is a need to bring more women and youth into the mainstream economic growth to ensure balanced growth within economies.
Skilling and education infrastructure must be developed through enhanced public-private partnerships to ensure a viable talent pool for SMEs.
“The global economy is facing considerable headwinds and the unemployment rate amongst youth across the world is at a high of 13 %. We must create meaningful opportunities for the young people to avoid social unrest,” he said.
