Foreign Secretary Harsh Vardhan Shringla on Monday said that BIMSTEC (The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a powerful engine of economic growth with 21.7 per cent of the world population and a combined GDP of US 3.8 Trillion dollars.
New Delhi [India] : Speaking at the inaugural address at ‘BIMSTEC: A Vehicle for Growth and Development, Shringla said that BIMSTEC has added significance for the development of India’s northeastern region. “With 21.7 per cent of the world population and combined GDP of US 3.8 Trillion dollars, BIMSTEC is a powerful engine of economic growth. During the last decade, the region registered a compound annual growth rate of 6.1 per cent. We should collectively strive to surpass this rate this decade,” he said today. Terming ‘Neighbourhood First’ & ‘Act East’ policy “relevant” for BIMSTEC, Shringla said that BIMSTEC is unarguably a crucial link in connecting South and Southeast Asia. “Neighbourhood First’ & ‘Act East’ – both of which are relevant for BIMSTEC, are cornerstones of India’s foreign policy. BIMSTEC is unarguably a crucial link in connecting South & Southeast Asia,” Shringla said. “As our Prime Minister has noted, BIMSTEC has emerged as the promising regional grouping to fulfill the common aspirations of its people and serve the shared interest of its Member States,” he added. He also said that India has played a proactive role in building capacities of BIMSTEC Member States across various sectors of a regional corporation.
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Tourism most affected sector of economy due to COVID-19: Foreign Secretary Shringla at BIMSTEC
Highlighting the COVID-19 effect on economies, Foreign Secretary Harsh Vardhan Shringla on Monday said that the Tourism sector is one of the most adversely affected sectors due to the pandemic. “Tourism is one of the most adversely affected sectors of the economy due to the pandemic. In this context collaboration in intra-regional tourism will be an important asset of post covid recovery,” Shringla said while speaking at the inaugural address at ‘BIMSTEC: A Vehicle for Growth and Development’. He also said: “We try to build back after the unprecedented effect of COVID-19 pandemic on our lives, economies and the well beings of our people. The pandemic has spared none. Today’s event gives us the opportunity to share our experiences, and learn best practices of each other’s countries making BIMSTEC, a vehicle to growth, and development for all of us.” Speaking further, the Foreign Secretary said: “COVID-19 pandemic has added the new dimensions to the disaster management, India will be organising a tri-services and HADR exercises toward the end of this year in the backdrop of the pandemic.” “Next year there is going to be the silver jubilee of BIMSTEC, the occasion will give us the opportunity to reinforce our efforts in raising our coorporation and economic integration,” he said. Shringla concluded by saying India remain strongly committed to further building momentum. It was deepening of regional coorporation under the BIMSTEC framework and working toward making the organisation stronger, more vibrate, more effective and result-oriented.
