Global firms with combined market cap of $8.9 trillion come to India

International Business Congress ("IBC"), an international non-governmental and non-profit organisation with 122 members from 28 countries worldwide, held its annual general meeting for the first time in India at the invitation of Mr. Hemant Kanoria, Chairman and Managing Director, Srei and Trustee, Kanoria Foundation.

More than 100 global corporations with a combined market capitalisation of USD 8.9 trillion and annual revenue of USD 2.3 trillion participated in IBC's twenty first annual general meeting in New Delhi reflecting India's meteoric rise as an economic powerhouse. The event served as a platform for economic co-operation, bringing forward proposals for debottlenecking and building favourable environment for safe and efficient entrepreneurial activities. The event is also expected to enhance opportunities for investments and trade cooperation between Indian and global corporations.

"The government is on a mission mode to usher in structural reforms aimed at improving the business climate in India. Many outdated laws have been repealed. FDI (foreign direct investment) regime has been liberalised and new laws such as Insolvency and Bankruptcy Code have allayed investors' apprehensions on lack of exit route from their investments in India. Technology is also being embraced in a big way to make government processes more transparent and hassle-free. Now, India is definitely one of the most attractive investment destinations for global corporations," Mr. Kanoria said.

The list of attendees of IBC's twenty first annual general meeting included Russian natural gas major Gazprom, German energy giant Uniper Global Commodities SE, Schneider Electric, Cisco Solutions LLC, Shell Exploration and Production Services B.V., Siemens A.G., Sumitomo Mitsui Banking Corporation Limited, J.P. Morgan Securities PLC, KPMG JSC, Hewlett Packard Inc., Goldman Sachs Russia Limited, Deutsche Bank A.G., UBS Bank Limited (Russia) and several other large global corporations.