Ensuring safe maritime connectivity besides peace and security is a must for development and prosperity of the BIMSTEC region, Foreign Secretary Harsh Shringla said on Monday. He also underlined the need for seamless transportation.
The expanded form of BIMSTEC is Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand. It brings together 1.5 billion people – 21% of the world population, and a combined GDP of over US$ 2.5 trillion.
Addressing an international symposium on “BIMSTEC: A vehicle for Growth and Development” organized by the ISCS, Shringla said development and prosperity can only be achieved where there is peace and security.
“We all know that security both within the borders and in the littoral region is crucial for our well-being. The relevance of maritime connectivity and security in BIMSTEC is doubly emphasised. Our cooperation in the security sector therefore has a special significance,” he observed.
The National Security Advisors of the BIMSTEC have met thrice since 2017 and working closely in several aspects of security cooperation including counter terrorism, intelligence sharing, cyber security and coastal security in a tangible manner, Shringla said.
He said robust connectivity is an essential prerequisite for economic integration of the region with smooth cross-border movement of people and goods. The BIMSTEC Master Plan for Transport Connectivity, finalised under India’s chairmanship of the expert group last year, envisages a seamless multimodal transport system across the region with efficient transit facilities to enhance the mobility of goods and people.
This will stimulate intra-regional trade and investment in the region. It identifies 264 projects requiring an investment of USD 126 billion over a ten year horizon from 2018–2028. Projects worth USD 55.2 billion are already at different stages of implementation, he said.
Stressing the need to collectively develop a strategy for financing and implementing the Transport Connectivity Master Plan, the Foreign Secretary said work in this direction has already begun with the Asian Development Bank (ADB).
