By Sonya Madeira Stamp

A general view shows the opening ceremony of the Boao Forum for Asia Annual Conference 2010 in Boao, Hainan province April 10, 2010. Photo credit: Xinhua

April brought with it rains and the annual journey to Hainan in China for the Boao Forum for Asia Annual Conference. Last year I had attended at the behest of a client and found it an excellent platform for dialogue on business in Asia and an excellent place to meet CEOs. In fact, I had the pleasure of shaking hands with Sir Martin Sorrell there in 2009, so this year, I attended the three-day event representing Rice.

The numbers this year were phenomenal, some 2000 government and business leaders, business, academics and media were in attendance, including Chinese Vice President Xi Jinping. The theme for 2010 was “Green Recovery: Asia’s Realistic Choice for Sustainable Growth”, supported by discussions on post-GFC stabilization, financial support systems and growth strategies for regional firms.

While the agenda was full and diverse, and much insight was to be gained by sitting in on the sessions, my most memorable session was “China and India: Cooperation in the 21st Century”. I had the opportunity to meet Indian Minister Jairam Ramesh who has the distinction of being the first Indian at his level to attend BFA, as well as Amit Mitra, the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI).

It was interesting to hear Mr Mitra lead the charge stating there was no trust between the countries and without trust, economic cooperation would remain a dream. Mr Ramesh, on the other hand, was the iconic diplomat, and tried this best to remain equitable. The numbers that were thrown up though tell an interesting story – within trade numbers particularly favouring China and limited foreign direct investment going into India. Mr Mitra also noted the lack of direct flights between the two countries as a major contributory factor to the low level of familiarity between the two peoples.

There is hope if both countries put aside the border issue and work on strengthening economic ties instead. Each has something it can learn for the other and closer cooperation can only bode well for the rest of the region. This article in China Daily provides some perspective: China, India must cooperate: Indian minister.

I must say a special thanks to Dr Frank Jurgen Richter from Horasis who was very kind in his introductions, and who gave me a chance to meet a lot of very interesting people. A special mention also of Tom Easton, The Economist, who was great company through the event.