Published on : Thursday, April 6, 2017
South Asian countries along with India has taken an oath to perk up intra-regional connectivity in order to enhance trade and tourism as organizers aim $70 billion increase in GDP with 20 million job vacancies by 2025.
Finance ministers of India, Bangladesh, Bhutan, Nepal, Sri Lanka, Maldives and Myanmar assembled on April 3rd to redesign the South Asia Sub regional Economic Cooperation or otherwise called SASEC. It was originally founded 16 years back by four nations like Bangladesh, Bhutan, India and Nepal. Later, other countries joined as well.
To quote Arun Jaitley, Finance Minister, ‘Our collective vision is for SASEC to power Asia in the 21st century, sustaining growth that synergizes the growth of the natural resources of the sub-region, industry and infrastructure potential through the enhanced cooperation.
This can possibly generate incremental $70 billion GDP and 20 million employment annually by 2025.’ The seven countries aiming to influence natural resources-based industries are in the process of endorsing industry-to-industry links and strengthen connectivity to take trade and tourism to further heights.
It said, ‘we believe that these synergies can generate annually an estimated $70 billion in incremental GDP and 20 million in incremental aggregate employment by 2025.’ As per the joint statement issued by the finance minister about seven nations, ‘To further align and focus our interventions, we adopted the SASEC Operational Plan, 2016-25, which defines the strategic objectives and operational priorities in transport, trade facilitation and energy as well as for economic corridor development.’