Fourth G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on 12–13 October 2023 culminates in Marrakech, Morocco
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The G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian Presidency was held during 12–13 October 2023 in Marrakech, Morocco, on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). After the previous meetings in Bengaluru, Washington DC and Gandhinagar, Gujarat, this was the fourth and final meeting of the G20 Finance Ministers and Central Bank Governors under the Indian Presidency. Over 370 delegates, including Finance Ministers and Central Bank Governors from G20 member countries, Invitee Countries, and Heads of various International Organisations participated in the meeting. The FMCBG meeting was preceded by the Fourth G20 Finance and Central Bank Deputies (FCBD) meeting on 11 October 2023 in Marrakech, Morocco.
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Communique adopted by G20 Finance Ministers and Central Bank Governors in Marrakech, Morocco
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The fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency was held during 12–13 October 2023 in Marrakech, Morocco on the sidelines of the IMF/WB Annual Meetings. In this meeting, the G20 FMCBGs unanimously adopted the G20 Finance Ministers and Central Bank Governors Communique. The FMCBG communique draws guidance from the G20 New Delhi Leaders Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders’ Summit.
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P20 Summit unanimously adopts Joint Statement
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On the first day of the Ninth G20 Parliamentary Speakers’ Summit (P20 Summit) at Yashobhoomi, New Delhi, the Presiding Officers unanimously adopted a Joint Statement under the Chairmanship of Lok Sabha Speaker Shri Om Birla.
The Presiding Officers welcomed the comprehensive and constructive dialogue held during the G20 Leaders’ Summit and India’s G20 Presidency, focusing on the issues related to accelerating progress on Sustainable Development Goals (SDGs), technological transformation and inclusive digital economy, global economic recovery, food and energy security, addressing climate change, inclusive energy transition, promotion of sustainable production and consumption patterns, reinvigorating multilateralism, peace-building, counter-terrorism, global skill mapping, disaster risk reduction, and strengthening global health architecture.
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In the capacity of B20 India Secretariat, Confederation of Indian Industry organized Banking Colloquium 2023 on 28 September 2023 in Kolkata. The central theme of the colloquium was Indian Banking–Navigating the Global Headwinds.
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International Conference & Exhibition on Clean Energy
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Energy transition is becoming more pronounced, with countries across the world moving towards net-zero goals. Energy transition, increasing use of renewable energy, circularity, sustainability, climate change, ESS, green hydrogen, and such issues now dominate discussions around all businesses.
CII held the 4th edition of its flagship initiative, International Conference & Exhibition on Clean Energy, on 14–15 September 2023 in New Delhi, India.
The event theme, ‘Global Champions for Advancing Clean Energy: Innovation & Manufacturing’, focused on India offering opportunities as a market as well as looking for strategic tie-ups.
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International Conference on Space
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India stands tall today as a space power by not only launching its own satellites but also by launching the satellites for other countries. The country at present, with a share of 2% in global space business, holds great potential as a destination for increased space commerce and as a manufacturing hub for global players. These achievements speak to the dedicated and determined efforts of ISRO, INSPACE, and NSIL, along with industry.
With the recent Cabinet approval of the Indian Space Policy 2023, India has further enhanced the ecosystem, which boosts the participation of private players in the space sector.
Under the B20 Presidency, the Confederation of Indian Industry (CII) organized the two-day International Conference on Space from September 14–15, 2023, with the support of the Indian Space Research Organization (ISRO), the Indian National Space Promotion and Authorization Centre (IN-SPACe), and NewSpace India Ltd. (NSIL).
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International Aerospace Conference: Moving Towards Inclusive Global Value Chains
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CII organised the “International Aerospace Conference: Moving Towards Inclusive Global Value Chains”, under the B20 taskforce on “Inclusive GVCs for Resilient Global Trade and Investment” on 1st and 2nd of September 2023 at Gwalior, Madhya Pradesh. The conference aimed to promote and strengthen trade and investment in the aerospace supply chain to meet current and future demand, and build resilience, production capacities, timely delivery and cost competitiveness.
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Communique
India’s G20 Presidency comes at a crucial period, marked by a number of historic economic transitions against a backdrop of geopolitical uncertainty. Our G20 theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future’ envisions a human-centred approach to reshaping the global economy to be more prosperous, inclusive, and sustainable. The Business 20 (B20) engagement group of the G20 is instrumental in facilitating engagement between the international business community, G20 decision-makers, and governments. B20 India’s transformative journey has been anchored around the theme of R.A.I.S.E.: Responsible, Accelerated, Innovative, Sustainable, and Equitable Businesses. This theme embodies key priorities for businesses going forward: being ethical and inclusive; accelerating growth and supply chain resilience; nurturing innovation ecosystems and driving broad-based digital access; enshrining sustainable practices and boosting investments; and empowering the marginalized and under-represented.
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“For the first time, during India’s G20 Presidency, the agenda of Sustainable Finance has been extended to cover financing for SDGs, in addition to Climate Finance. The challenge of achieving the Sustainable Development Goals (SDGs) by 2030 is becoming difficult—and more costly. Acknowledging this challenge under its Presidency, India has sought new instruments for financing sustainable development goals.”
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— Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs, Government of India
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“We recognise that the financing needs, including that for SDGs are daunting and require much larger sums of private capital than what has been made available in the past. As against just $60 billion, a target of $240 billion has been recommended to be financed by the private sector.”
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— NK Singh, Co-Convener, G20 Independent Expert Group on Reforms in Multilateral Development Banks; President, Institute of Economic Growth and Former Chairman, 15th Finance Commission, Government of India
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“Another example of sustainability is that how the markets can finance the SMEs, not only large corporates or big public projects; with a stock exchange we created condition of alternative markets dedicated to SMEs, where we have lighter conditions to the market but also with the balance of investor protection.”
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— Nezha Hayat, Chairperson and CEO, Moroccan Capital Market Authority
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“Another key aspect was recognising that private sector firms’ production is an incredibly important part of supply and therefore Production Linked Incentives were initiated as part of the supply side measures. This judicious mix of supply and demand side measures is what has led to inclusive growth in the Indian economy and the data speaks for itself, macro fundamentals are very strong, growth at 7.2% this year and expected to be 6.5% compared to the previous global financial crisis when India was part of fragile five.”
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— Krishnamurthy Subramanian, ED (India), IMF
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“We can use MDBs to mobilise private capital by helping to de-risk investment opportunities. We can also use the MDBs to catalyse private finance by creating an environment in which private capital can invest.”
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— Hans Peter Lankes, Visiting Senior Fellow, ODI; Visiting Professor in Practice, LSE Grantham Research Institute and Senior Fellow, LSE/Oxford International Growth Centre
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Confederation of Indian Industry
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23, Institutional Area, Lodi Road, New Delhi 110003, India
T: 91-11-45771000 / 24629994-7 • F: 91-11-24626149 • E: info@cii.in
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