SASEC nations come out with plan to boost economic ties

Tribune News Service

New Delhi, September 26

The six member countries of the South Asia Sub-regional Economic Cooperation (SASEC) programme — India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka — have released the first SASEC Operational Plan 2016-2025 to promote greater economic cooperation among the member countries. 

Established in 2001, the SASEC programme is a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. The ADB is the secretariat and lead financier of the SASEC programme.  To date, it has approved 40 SASEC projects worth almost $7.7 billion in transport, energy, trade facilitation, and information and communications technology. 

The plan in the next 10 years is to extend physical linkages not only within SASEC, but also with East and Southeast Asia. ADB India Resident Mission Country Director M Teresa Kho and ADB South Asia Department’s Regional Cooperation and Operations Coordination Division Director Ronald Antonio Q. Butiong presented today copies of the SASEC OP to Raj Kumar, Joint Secretary, Multilateral Institutions Division, Department of Economic Affairs, Ministry of Finance.

Raj Kumar said India fully supports the SASEC OP as an important milestone in the SASEC programme. He said the Indian Government’s Act-East Policy resonates well with the objectives of the plan.