An Echelon Media Company
Friday September 30th, 2022

Sri Lanka calls for greater economic corporation among BIMSTEC members

ECONOMYNEXT-Sri Lanka on Tuesday (29) called for greater economic corporation among the members of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and revitalise trade and investment component among the members.

Sri Lanka’s call came when the 18th Ministerial Meeting of BIMSTEC was held on Tuesday in Colombo in a hybrid mode under the chairmanship of Sri Lanka.

“Minister Pieris called for action within the BIMSTEC for greater economic cooperation among the countries.,” Sri Lanka’s Foreign Ministry said in a statement.

“He emphasised that as the trajectory of global economic growth shifts towards Asia, the trade and investment component of BIMSTEC countries should be revitalised.”

The Foreign Ministers of Bangladesh, Bhutan, India, Nepal and Thailand participated at the Ministerial Meeting in person while the Foreign Minister of Myanmar participated virtually.

The Ministers encouraged the BIMSTEC Secretariat to fast-track activities in sectors such as agriculture, food security, connectivity and energy.

Foreign Minister G L Peiris on the second day of the BIMSTEC said Sri Lanka’s geo-strategic location at the centre of the Indian Ocean has been a magnet, attracting a diverse variety of nations and peoples, over the centuries.

Peiris also stated that participation and networking among the private sectors in the region is a significant step towards this end and that the organisation should take the lead in building a robust and dynamic private sector network and facilitate the private sectors in this region to work together to enhance the flow of trade and investment.

The visiting ministers of Foreign Affairs agreed at the meeting that BIMSTEC is a vibrant platform for prosperity and peace and emphasized that BIMSTEC’s work on trade and agreement could be a way forward in accelerating cooperation among the countries.

The 5th BIMSTEC meeting will be closed on  Wednesday. (Colombo/March 29/2022)

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