"SAARC has failed to move with the speed that our people expect and want': PM Modi

Prime Minister Narendra Modi, in his first address at the 18th SAARC Summit here on Wednesday, said the grouping had failed to move at the speed which the people demand and want.

Prime Minister Modi asked: "Each of us has taken our own initiatives. However, as SAARC we have failed to move with the speed that our people expect and want. Some argue that it is because of the region's development gap. But, that should actually spur us to do more. Or, is it because we are stuck behind the walls of our differences and hesitant to move out of the shadows of the past?"

"Nowhere in the world are collective efforts more urgent than in South Asia; and, nowhere else is it so modest. Big and small, we face the same challenges- a long climb to the summit of development. There is much to learn from each other; even more - to do together," added Prime Minister Modi.

The Prime Minister also said that the mention of SAARC elicited cynicism and skepticism in a region throbbing with the optimism of youth.

"We have an agreement, an institution or a framework of cooperation in every field. We also have many successes. Yet, when we speak of SAARC, we usually hear two reactions - cynicism and scepticism. This, sadly, is in a region throbbing with the optimism of our youth," Prime Minister Modi said.

He asked, "Today, less than 5 per cent of the region's global trade takes place between us. Even at this modest level, less than 10% of the region's internal trade takes place under SAARC Free Trade Area. Indian companies are investing billions abroad, but less than 1% flow into our region. It is still harder to travel within our region than to Bangkok or Singapore; and, more expensive to speak to each other. How much have we done in SAARC to turn our natural wealth into shared prosperity; or, our borders into bridgeheads to a shared future?"

Prime Minister Modi, however, said he did have great belief in the boundless potential and, confidence - that comes from the many inspiring stories of innovation and initiative in each of the countries.

"Ours is a region of thriving democracy; of rich inheritance; the unmatched strength of youth; and, a strong thirst for change and progress. he asked.

Stressing on the pressing need for infrastructure in the region, Prime Minister Modi recalled that officials in India got nervous when he thought of coming to Nepal by road, because of the condition of roads at the border.

"Infrastructure is our region's greatest weakness and it's most pressing need. When I thought of coming to Kathmandu by road, it made many officials in India nervous. Because of the condition of roads at the border! Infrastructure is my greatest priority in India. And, I also want to set up a Special Purpose Facility in India to finance infrastructure projects in our region that enhances our connectivity and trade," he pointed out.