PM Modi says risky for global supply chains to be excessively dependent on any single source

New Delhi [India], September 28 : Prime Minister Narendra Modi on Monday said COVID-19 has shown it is risky to have global supply chains excessively dependent on any single source and India is working with Japan and Australia for supply-chain diversification and resilience.
The Prime Minister made the remarks during a virtual summit with Denmark's Prime Minister Mette Frederiksen and said other like-minded countries can also join in these efforts towards supply chain diversification.
"COVID-19 has shown that it is risky to rely excessively on any single source of global supply chains. We are working together with Japan and Australia for supply-chain diversification and resilience. Other like-minded countries can also join this effort," he said.
COVID-19 originated in the Chinese city of Wuhan and many global companies are planning to shift their manufacturing bases from China.
The Prime Minister said India and Denmark share rules-based, transparent, humanitarian and democratic value-system.
Referring to the crisis created by COVID-19, he said the events of the past few months have made it clear how important it is for like-minded countries to work together.
"The events of the past few months have made it clear that how important it is for like-minded countries, who share rules-based, transparent, humanitarian and democratic value-system, to work together," the Prime Minister said.
He said that the virtual summit will not only be useful for bilateral relations between India and Denmark but also in contributing to a shared approach to global challenges.
Noting that he had a "very productive meeting with Denmark's Prime Minister a few months back, the Prime Minister said they talked on increasing cooperation between the two countries in several areas.
"It is a matter of happiness that we are giving new direction and speed to these intentions through the virtual summit," he said.
India hosted the virtual bilateral summit.
The Prime Minister said that cooperation between like-minded countries in vaccine-development will help deal with COVID-19 pandemic.
"Collaboration between like-minded countries in vaccine development will also help deal with the pandemic," he said.
The Prime Minister said that India's pharma capabilities have been helpful for the world during the crisis created by COVID-19 and a similar effort is being made in the direction of the vaccine.
He also mentioned the reforms done by the government concerning labour laws and agriculture.
"The effort of Atmanirbhar India is also that India's capabilities increase in key areas and they are useful to the world. We are laying emphasis on all-round reforms under the initiative. The regulatory and tax reforms will help companies working in India. The process of reforms is on in other areas. Recently important reforms were done in labour and agriculture," he said.
The Prime Minister also greeted Mette Frederiksen on her wedding and hoped that she will be able to visit the country at the earliest after situation created by COVID-19 improves.
"I congratulate you on your wedding recently and convey my good wishes. I hope that soon after the COVID-19 situation improves, we will get a chance to welcome you and your family in India. I am sure your daughter would be eager to visit India again," he said.
The Danish Prime Minister conveyed her thanks to the Prime Minister during her speech for his greetings.
"Thank you so much for the greetings to my family. My daughter will love to visit India once again and the same goes for my family," she said.
Bilateral trade in goods and services between India and Denmark has grown by 30.49 per cent, from US$ 2.82 billion in 2016 to US$ 3.68 billion in 2019.
Around 200 Danish companies have invested in India in sectors such as shipping, renewable energy, environment, agriculture, food processing and smart urban development.