Experts on Thursday said China's Belt and Road Initiative (BRI) will exponentially increase the growth of South Asian economies.
The experts from local and South Asian countries said the roads will increase bilateral and multilateral connectivity between Bangladesh, Bhutan, India, and Nepal (BBIN). This will facilitate regional cooperation and play an important role in business.
They were addressing a two-day regional conference by Consortium of South Asian Think Tanks (COSATT) on the “Importance of BRI and BBIN for South Asia,” held in the Bangladesh Institute of International and Strategic Studies (BIISS)'s conference room. The program was conducted in collaboration with the Konrad Adenauer Stiftung (KAS).
State Minister for Ministry of Finance and Ministry of Planning, Muhammad Abdul Mannan, said Bangladesh is ready to expand its connectivity with all South Asian countries.
“Prime Minister Sheikh Hasina believes in opening borders to expand the country's trade. We have already increased the number of bus and rail connections with India. If the BBIN initiative is successful, Bangladesh will greatly benefit economically,” he said.
Ahsan H Mansur, executive director of the Policy Research Institute (PRI) said: “Our infrastructure is developing so the country's economy will also develop. We are in the process of completing many mega projects including Padma Bridge, Rooppur nuclear power plant, and Dhaka Metro rail, and this will benefit more connectivity with neighbouring countries.”
Dr Nishchal N Pandey, director of the Center for South Asian Studies in Kathmandu said that the BRI and BBIN initiatives are big projects of great significance in South Asia and both of them promise a great deal in terms of infrastructure, energy, trade, connectivity, transit, tourism etc. Although there are challenges, the promise and potential are of greater value.
AKM Abdur Rahman, director general of BIISS stressed attention to security issues that come with open borders, adding: “South Asian countries need to work together to increase connectivity not only within the region but also with other regions. We have to expand our connectivity maintaining environmental and security issues.”
Kinley Wangmo, hydrologist from Thimphu, Bhutan, Purushottam Ojha, former secretary, Ministry of Commerce and Supplies, Nepal, Dr Nishchal N Pandey, director of the Center for South Asian Studies, Nepal, Prof Gamini Keerawella, executive director, Regional Center for Strategic Studies, Sri Lanka, Dr Shanthie Mariet D' Souza, president and founder of Mantrya of Goa, India, were present among others.