The Asia-Pacific region will be the engine for global growth over the next few decades, JPMorgan's Filippo Gori said on Monday.
"There is excitement around the opportunity the region is providing us because by the end of the decade, Asia would represent about 50% of the global GDP," the chief executive officer of Asia Pacific told BQ Prime's Niraj Shah on the sidelines of the financial services firm's India Investment Summit.
"The talent pool that we have found in India and the region is amazing," Gori said. "With India becoming the fastest-growing economy among the largest economies in the world, it is interesting to be part of this moment."
Pockets of Opportunities
The Indian market is showing excitement because of various combinations of elements, Gori said. "Factors like China Plus One, demographics, (and) positive economic performance are leading to excitement in India and its south-Asian peers."
He said the revolution that could happen in the payments space is huge. "Payments have proven to be a fantastic growth story and could become a 20-billion-dollar business for us globally."
Gori described India as a "fantastic" service-sector economy. "With an incredible potential for growth, the manufacturing space looks small currently," he said. In order to boost manufacturing momentum in the country, proper investment in infrastructure and strategy is vital.
The Asia-Pacific region is at the forefront in the healthcare space. Growth in public infrastructure and the digital stack is extremely important for the acceleration of the Indian economy, according to Gori.
He pointed out that 2023 had not been an easy year for mergers and acquisitions in the region, but JPMorgan is seeing "green shoots" in the front. "We expect things to start picking up."
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