UN project connecting Asia-Pacific to boost regional trade

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) to connect the countries in the Asia Pacific region with a road, would help India improve its trade income and relations with Sri Lanka, said minister of state for Commerce & Industry, E M Sudarsana Natchiappan.

Delivering his address as the chief guest in the 67th annual session of Hindustan Chamber of Commerce in Chennai, he said the ministers from countries in the region would meet on December 14-17 to discuss various matters related to the project. He added this would support an increased trade and investment activities between these countries.

"If the project is decided in the meeting, we will have a bridge from Dhanushkoti in Tamil Nadu, India, to Talaimannar in Sri Lanka.

This will increase the transport between the two countries, instead of the current mode of traveling through the sea," he said to reporters at the meeting.

This will also increase the trade, income and employment in both the countries.

The setting up of the bridge will not affect the dream project of Sethusamudram and the Ramar Sethu, he added. The project would be developed with consent from of the countries. This will only help to improve the relation between both the countries and provide growth to the people.

The road would go through Bangladesh, Myanmar and Bangkok, connecting various Association of Southeast Asian Nations (Asean) countries.

The project is planned by UNESCAP, the regional arm of the United Nations Secretariat for the Asian and Pacific region, would serve as the regional hub among the member states to achieve inclusive and sustainable economic and social development.

He said the new Companies Act would bring in more opportunities and added if implemented properly, it would enable the companies to become on a par with the global firms.