Tackling global recession in the region
To cope with the global recession, South Asian nations came together to boost trade, connectivity, energy and food security at the fourth South Asia Economic Summit (SAES IV) in Bangladesh last week.
Bhutan was represented by the Chairman of Druk Holdings and Investment (DHI), Lyonpo Om Pradhan, an official from Tala Hydroelectric Project Authority, Kencho Dorji, and the Nganglam Member of Parliament, Choida Jamtsho.
Speaking on the occasion, Lyonpo Om Pradhan said that the main constraint in South Asia has been the inability to translate strategy, planning, vision and policy into actions for achieving tangible results.
He said, “Unless and until each country begin to take the necessary practical steps to effect meaningful day-to-day collaboration and alignment, the mutual benefits from regional cooperation will not grow.”
Lyonpo said that on a basic level, the upward potential for trade between and among the SAARC countries is enormous, particularly given the very low current level of total trade volume of SAARC countries, which stands at five percent.
The DHI chairman informed that Bhutan has been attempting to achieve inclusive growth at the national level through democracy and the philosophy of Gross National Happiness (GNH).
He said, “This (GNH) is now firmly embedded in our Constitution. Since it is working quite well for Bhutan, though we also have some ways to go, we are taking steps to promote this concept internationally with a view to benefit others as well.”
He also informed that four international conferences have been held so far on GNH beginning from Canada to Brazil and in Bhutan.
“A lot of other people and countries have shown great interest in this approach,” he said. “This demonstrates the intellectual and practical validity of this concept.”
Experts from the region suggested that the eight nations that make up the South Asian Association of Regional Cooperation (SAARC) should ‘strike close ties’ with central Asia to tap into the latter’s rich energy reserve.
Underlining the importance of people to people contact, the two day forum called upon the governments in the region to issue visas more liberally so that people could easily contact each other and foster ties to boost trade and business between the member states.
A representative from Afghanistan strongly echoed the issue to make sure that entrepreneurs can move freely exploring new avenues of growth.
The Bangladeshi commerce minister said South Asian nations have failed to exploit the region’s rich trade potentials owing to distrust sown by politicians.
In the wake of a sputtering global growth, according to the minister, the South Asian countries must set aside differences and bump up intra-regional economic ties to transform the region into a global growth engine.
He believes that close cooperation in economic and trade areas in SAARC will help bolster the momentum of growth. He added that the region is bestowed with tremendous untapped potential and that by working together, benefits could be explored.
Among others, growing bilateral relations between Bangladesh and India also played a crucial role in fostering cooperation. Members felt that ensuring political justice, regional connectivity, cooperation on energy and power, employment generation in rural non-firm sectors are needed in South Asia.
A concerted effort towards tackling climate change in order to increase farm production for food security was also highlighted.
Source: bhutantoday