Kathmandu, June 7:

The fourth country advisors’ meeting of the South Asia Subregional Economic Cooperation (SASEC) concluded in Manila, endorsing four projects to foster regional cooperation in South Asia.

Senior officials from Bangladesh, Bhutan, India, and Nepal held meetings with the Asian Development Bank (ADB) in Manila to discuss strategies and future directions for regional cooperation among SASEC countries. During the two-day meeting, officials expressed their satisfaction with the progress in activities under the programme and emphasised the need for more collaboration among sector working groups.

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. Endorsement of these projects reiterated the four countries’ commitment to foster regional cooperation in South Asia, states a bank press release.

Regional cooperation and integration have been viewed by ADB and the four SASEC participating countries as an integral tool for 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; encouraging 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 Kunio Senga, director general of ADB’s South Asia Department.