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THE ECONOMIC BACKGROUND

Over the last few years Western capital, whether it be from the US, Germany or Japan, has been gravitating towards China, a country with a workforce so enormous (and, perhaps, a currency so undervalued) that it is able to undercut the West on all but the highest technology.

Meanwhile, as manufacturing swings to the Far East, a large part of the service industry – call centres, software development, even insurance, legal, medical and engineering work – is beginning to shift to the medium-skilled workforce of India. And India too is gearing itself to the massive infrastructure development that is underway in China.

In the US, UK and Europe, amid the conflicts between the ‘Anglo-Saxon’ model of market-driven capitalism and the social capitalism prevalent in the EU, there are widespread fears of Asia’s success. People are concerned most of all about job losses in the manufacturing and service sectors.

At ED&MFT we wish to strive for co-operation, not competition. As long as the West excels in technical skills, there will always be a market in developing countries. And despite its phenomenal growth, India lacks the expertise to build the up-to-minute and cost-effective road and rail networks it needs but that Europe enjoys so freely.