Economy
4th Edition of Future Investment Initiative Forum
- 30 Jan 2021
- 3 min read
Why in News
The Union Minister of Health and Family Welfare addressed the 4th edition of the Future Investment Initiative Forum through a video conference.
- The aim of the Forum hosted in Riyadh (Saudi Arabia) was to find solutions on how businesses and governments can expand access to healthcare, train healthcare workers, remove regulatory barriers and encourage investment in advanced health technologies.
Future Investment Initiative Forum
- The Future Investment Initiative (FII) is widely described as “Davos in the desert”. It is Saudi Arabia’s flagship investment conference.
- The informal name derives from the World Economic Forum’s annual meeting that is held in Davos, Switzerland, where world leaders discuss agendas for pressing international issues.
- FII was announced in September 2017 by the Public Investment Fund, Saudi Arabia's main sovereign wealth fund, in the context of the Saudi Vision 2030 Economic and Social Reform Programme.
Key Points
- India Highlighted Five Big Trends Emerging Due to Covid-19 and Impacting Global Business:
- The impact of Technology and Innovation.
- Importance of Infrastructure for Global Growth.
- Changes coming in human resource and future of work.
- Compassion for Environment.
- Business friendly Governance with focus on the whole of society and government approach.
- India’s Initiatives Highlighted:
- Indigenous Innovations to Digital Health Tools (for Covid-19):
- Aarogya Setu App: Bluetooth tracking technology is used to analyze and locate Covid hotspots and alert local authorities in advance.
- For Strengthening Infrastructure:
- India has launched a special economic and comprehensive package of Rs. 2 million Crore, equivalent to 10% of India's GDP under Atmanirbhar Bharat Abhiyan.
- For Human Resource:
- India has developed a comprehensive vision on developing skilled human resources. For Example: Recently, the government has launched the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 3.0.
- For Environment:
- The steps taken by India to mitigate climate change (e.g. National Action Plan on Climate Change) and move towards clean fuel consumption (e.g. Ujjwala).
- For Business Friendly Governance:
- India is developing a comprehensive ecosystem from research and development to tech-entrepreneurship.
- Indigenous Innovations to Digital Health Tools (for Covid-19):
- Emphasized Healthcare:
- India demonstrated the world's largest vaccination campaign launched by it recently with two Covid-19 vaccines (Covidshield and Covaxin).
- Serum Institute of India will deliver Covishield to Saudi Arabia.
- Referred to the development of the Co-WIN digital platform and the Ayushman Bharat scheme, the world's largest government health program, which are shining examples of the use of technology in the integration of public health communities.
