BOOSTING REGIONAL TRADE

ADB pins high hopes on SASEC

The Asian Development Bank (ADB) is banking high on the South Asia Subregional Economic Cooperation (SASEC) initiative to boosting regional connectivity, cooperation, trade and tourism since it would be a ‘win-win’ situation for the countries concerned.

“It’s (SASEC) progressing well and that will really contributing to improving connectivity between countries and really advancing regional cooperation. It will also be beneficial to the concerned countries and the region,” said ADB Country Director for Nepal Mukhtor Khamudkhanov while exchanging views with a group of South Asian journalists recently at its Resident Mission Office in Kathmandu.

The ADB organised the South Asia capacity building media tour on disaster management and promotion of regional tourism.

Mukhtor said the SASEC Programme would certainly be a ‘win-win’ situation for the concerned countries.

The SASEC programme, set up in 2001, brings together– Bangladesh, Bhutan, India, the Maldives, Myanmar, Nepal and Sri Lanka– in 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 Country Director for Nepal said certainly a lot has been done on that initiative and connectivity itself is also contributing to boosting regional trade and that would be easy to basically transport goods across borders including the SASEC countries.

“Certainly there will be less transaction time and transportation cost, less wastage of perishable products as we actually can quickly send those to the borders of the neighboring countries,” he said. Khamudkhanov went on saying, “So, this will be contributing to trade and when you talk about trade, it’s certainly not goods, but also power trade.”

He also mentioned about the implementation of the up-gradation of east-west Highway in Nepal which would also be contributing to this SASEC initiative.

As of September 2019, SASEC countries have implemented 55 regional projects worth over US$12.5 billion in the energy, economic corridor development, transport, trade facilitation and information and communications technology sectors.

The Philippines-based Asian Development Bank (ADB) serves as the Secretariat for the SASEC member countries.

Earlier, the ADB Country Director for Nepal said that ADB would extend every possible support for the socio-economic development of Nepal and making it free from poverty.

He said the ADB has been carrying out construction of school buildings damaged by the massive earthquake in 2015 under the emergency assistance project where some 162 schools have already been constructed so far.

Similarly, senior manager of the ADB Rudi van Deal made a power-point presentation on the ADB’s current portfolio of US$2.8 billion in Nepal comprising of 36 projects alongside 18 technical assistance projects worth about US$26.34 million.

 

 

BOOSTING REGIONAL TRADE

ADB pins high hopes on SASEC

The Asian Development Bank (ADB) is banking high on the South Asia Subregional Economic Cooperation (SASEC) initiative to boosting regional connectivity, cooperation, trade and tourism since it would be a win-win situation for the countries concerned. Its (SASEC) progressing well and that will really contributing to improving connectivity between countries and really advancing regional cooperation. It will also be beneficial to the concerned countries and the region, said ADB Country Director for Nepal Mukhtor Khamudkhanov while exchanging views with a group of South Asian journalists recently at its Resident Mission Office in Kathmandu. The ADB organised the South Asia capacity building media tour on disaster management and promotion of regional tourism. Mukhtor said the SASEC Programme would certainly be a win-win situation for the concerned countries. The SASEC programme, set up in 2001, brings together Bangladesh, Bhutan, India, the Maldives, Myanmar, Nepal and Sri Lanka in 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 Country Director for Nepal said certainly a lot has been done on that initiative and connectivity itself is also contributing to boosting regional trade and that would be easy to basically transport goods across borders including the SASEC countries. Certainly there will be less transaction time and transportation cost, less wastage of perishable products as we actually can quickly send those to the borders of the neighboring countries, he said. Khamudkhanov went on saying, So, this will be contributing to trade and when you talk about trade, its certainly not goods, but also power trade. He also mentioned about the implementation of the up-gradation of east-west Highway in Nepal which would also be contributing to this SASEC initiative. As of September 2019, SASEC countries have implemented 55 regional projects worth over US$12.5 billion in the energy, economic corridor development, transport, trade facilitation and information and communications technology sectors. The Philippines-based Asian Development Bank (ADB) serves as the Secretariat for the SASEC member countries. Earlier, the ADB Country Director for Nepal said that ADB would extend every possible support for the socio-economic development of Nepal and making it free from poverty. He said the ADB has been carrying out construction of school buildings damaged by the massive earthquake in 2015 under the emergency assistance project where some 162 schools have already been constructed so far. Similarly, senior manager of the ADB Rudi van Deal made a power-point presentation on the ADBs current portfolio of US$2.8 billion in Nepal comprising of 36 projects alongside 18 technical assistance projects worth about US$26.34 million.