SASEC holds fourth country advisors' meeting

Manila, June 6 (UNI) Senior officials from India and neighbouring countries Bangladesh, Bhutan and Nepal met at the Asian Development Bank headquarters here to discuss strategies and future directions for regional cooperation among the South Asia Subregional Economic Cooperation (SASEC) countries.

During the SASEC's fourth Country Advisors' Meeting (CAM) on June 4-5, senior officials expressed their satisfaction with the progress of activities under the programme and emphasised the need for more collaboration among sector working groups.

SASEC, launched in 2001, provides a platform for policy dialogue, information sharing and confidence building among participating countries to enable better economic cooperation.

Stressing the need to accelerate the formulation and implementation of projects, the country advisors endorsed the Information Highway Project, the Tourism Development Project and the Transport Logistics and Trade Facilitation Project.

The endorsement of these projects reiterated the four countries' commitment to foster regional cooperation in South Asia.

Regional cooperation and integration has been viewed by the ADB and the four SASEC participating countries as an integral tool to the region's fight against poverty.

''Greater regional economic cooperation can help promote economic and social development by expanding markets for goods, services, and investment; encourage better allocation and utilisation of existing resources through trade and investment liberalisation; improving cross-border connectivity; promoting joint projects for better utilisation of natural resources; and reducing negative regional externalities and conflict,'' said Mr Kunio Senga, Director General of ADB's South Asia Department.

They hoped these projects will bring a positive change to the region's development landscape and contribute to poverty alleviation by improving regional connectivity, increasing access to information and communications technology, generating higher tourism revenues, and facilitating the efficient movement of goods, services and people within the region.

SASEC was launched with ADB's assistance to support and facilitate regional cooperation initiatives in six priority sectors -- energy and power; environment; information and communication technology; tourism; trade, investment, and private sector cooperation; and transport.

UNI