Basil urges greater integration by SAARC biz

Economic Development Minister Basil Rajapaksa has urged for greater integration among private sector of South Asia to boost region’s socio-economic prosperity.

“Economic integration is the best way to achieve and sustain economic prosperity among the South Asian nations.

Enlarging the opportunities for trade and investment among the SAARC countries can be an effective instrument to stimulate economic growth in the region. However the level of intra regional trade and investment continue to be very low in the SAARC region. We are par behind the other regional economic blocks in trade and investment,” Minister Rajapaksa said during a discussion with delegation from SAARC Chamber of Commerce and Industry (SCCI) on Friday.

The meeting discussed the present status of the trade and investment in the SAARC countries and future prospectus.

SCCI is an apex body of eight Chambers in the Region established in 1992 with the recognition of SAARC member countries. The Headquarters of SAARC CCI is in Islamabad in Pakistan.

Minister Rajapaksa said there exists enormous scope for expansion of intra – regional trade and investment in the region. “There are a number of factors acting as constraint for expansion of trade such as high level of trade barriers, competition of export of similar products and lack of information,” he added.

“If we find a common ground to work toward a common economic goal overcoming these smaller problems the results will be great and all the member countries will benefits from such an effort. Now our region has emerged as one of the faster growing region on earth. If our countries could emerge to forge a workable economically integrated area, our region could evolve into one of the largest economic block with huge market base,” Minister Rajapaksa said.

The delegation discussed with the Minister about the possibility of investing in Sri Lanka in area such as port and shipping, law cost housing, Oil and gas, automobile, agriculture, poultry etc. Investment on privet - public partnership programs and BOT system can be introduced for regional economic cooperation they said. They stressed the need for having joint – tourism development programs. At present there are many intra – regional tourist programs. However joint programs by the member countries for the tourist from other countries are rare.

Delegation comprised Vikramajith Singh Sahney, President, SCCI Annisul Hug, Immediate Past President Tariq Sayeed, FCCISL President Kumar Mallimarachchi, SCCI Vice President Kosala Wickramanayake, Mackey Hashim, Ahamed Mujuthaba, Jashim Uddin, Mahendra Parmir, Pradeep Kumar Shrestha, and Iftikhar Ali Malika.