Synopsis
Foreign Secretary Shringla observed that 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,'' he said.
AgenciesThe national security advisors of the seven BIMSTEC member countries have moved forward in boosting cooperation in counter-terrorism, intelligence sharing, cyber security and coastal security in a tangible manner, Foreign Secretary Harsh Vardhan Shringla said on Monday.
In an address at a conference, he said that the grouping has also made progress in finalising the BIMSTEC coastal shipping agreement and the motor vehicles agreement that would provide a legal framework for enhanced connectivity in the region. Besides India, BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) comprises Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal and Bhutan. India has been making concerted efforts to make BIMSTEC a vibrant forum for regional cooperation as initiatives under SAARC (South Asian Association for Regional Cooperation) were not moving forward for a variety of reasons.
The foreign secretary emphasised that India remains strongly committed to further building the momentum towards deepening regional cooperation under the BIMSTEC framework and assiduously working towards making the organisation stronger, more vibrant, more effective and result-oriented. Shringla said 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 10-year horizon from 2018–2028,'' he said.
The foreign secretary, in his address at the conference on 'BIMSTEC: A Vehicle for Growth and Development', said projects worth USD 55.2 billion are already at different stages of implementation. ''With 21.7 percent of the world population and combined GDP of USD 3.8 trillion, BIMSTEC is a powerful engine of economic growth. During the last decade, the region has registered a compound annual growth rate of 6.1 percent,'' he said. Shringla said the member states of the grouping should collectively strive to surpass this growth rate in the current decade, adding BIMSTEC is unarguably a crucial link in connecting South and South-East Asia.
He said the cooperation among the member states in the security sector has a special significance. ''Our National Security Advisors have met thrice since 2017. They have been working closely and have moved forward in several aspects of security cooperation including counter-terrorism, intelligence sharing, cyber security and coastal security in a tangible manner,'' he said. On connectivity projects, Shringla said there was a need to collectively develop a strategy now for financing and implementing the transport connectivity master plan. ''I am happy to note that work in this direction has already begun with ADB conducting the first consultative workshop on the financing of the Master Plan last month,'' he said. The foreign secretary also noted that one of the priority areas of BIMSTEC cooperation is to enhance energy cooperation and expand electricity trade through the establishment of grid interconnection. ''An MoU for the establishment of the BIMSTEC Grid Interconnection was signed at the fourth BIMSTEC Summit.
The power grid interconnection would enhance the energy security of the region by improving the diversity of sources and means of supply to each participating country,'' he said.
Shringla observed that 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,'' he said.
In an address at a conference, he said that the grouping has also made progress in finalising the BIMSTEC coastal shipping agreement and the motor vehicles agreement that would provide a legal framework for enhanced connectivity in the region. Besides India, BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) comprises Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal and Bhutan. India has been making concerted efforts to make BIMSTEC a vibrant forum for regional cooperation as initiatives under SAARC (South Asian Association for Regional Cooperation) were not moving forward for a variety of reasons.
The foreign secretary emphasised that India remains strongly committed to further building the momentum towards deepening regional cooperation under the BIMSTEC framework and assiduously working towards making the organisation stronger, more vibrant, more effective and result-oriented. Shringla said 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 10-year horizon from 2018–2028,'' he said.
The foreign secretary, in his address at the conference on 'BIMSTEC: A Vehicle for Growth and Development', said projects worth USD 55.2 billion are already at different stages of implementation. ''With 21.7 percent of the world population and combined GDP of USD 3.8 trillion, BIMSTEC is a powerful engine of economic growth. During the last decade, the region has registered a compound annual growth rate of 6.1 percent,'' he said. Shringla said the member states of the grouping should collectively strive to surpass this growth rate in the current decade, adding BIMSTEC is unarguably a crucial link in connecting South and South-East Asia.
He said the cooperation among the member states in the security sector has a special significance. ''Our National Security Advisors have met thrice since 2017. They have been working closely and have moved forward in several aspects of security cooperation including counter-terrorism, intelligence sharing, cyber security and coastal security in a tangible manner,'' he said. On connectivity projects, Shringla said there was a need to collectively develop a strategy now for financing and implementing the transport connectivity master plan. ''I am happy to note that work in this direction has already begun with ADB conducting the first consultative workshop on the financing of the Master Plan last month,'' he said. The foreign secretary also noted that one of the priority areas of BIMSTEC cooperation is to enhance energy cooperation and expand electricity trade through the establishment of grid interconnection. ''An MoU for the establishment of the BIMSTEC Grid Interconnection was signed at the fourth BIMSTEC Summit.
The power grid interconnection would enhance the energy security of the region by improving the diversity of sources and means of supply to each participating country,'' he said.
Shringla observed that 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,'' he said.
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