Regional cooperation plan for South Asia identifies 74 projects in India

The South Asia Sub-regional Economic Cooperation (SASEC) programme has identified 74 potential projects in India, which will require $120 billion investment in next five years.

Over 200 projects in the fields of transport, trade facilitation and energy have been identified under the SASEC's operational plan for 2016-25 period.

A majority of these projects are located in the north eastern or eastern parts of the country, an official statement said.

This is the first comprehensive long-term plan undertaken by the programme to promote greater economic cooperation among the member countries, Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka.

Established in 2001, the SASEC is a project-based partnership programme aimed at promoting regional prosperity by taking a number of measures that include improving cross-border connectivity, boosting trade among member nations, and strengthening regional economic cooperation.

The Asian Development Bank (ADB) is the lead financier of the programme and has approved 40 projects in transport, energy, trade facilitation, and information and communications technology till date with a net worth of $7.7 billion.

According to the statement, Raj Kumar, Joint Secretary, Ministry of Finance has extended support to the the operational plan, saying it as an important milestone in the SASEC programme.

He added that the programme resonates with the Indian government's Act East Policy and amde assurance of working closely with fellow SASEC members in developing infrastructure that will make the region's enterprises more competitive.

The plan identifies regional road and rail links that are aligned closely with trade routes toward the east.

It will also take planned measures to streamline and harmonise trade procedures on both land and sea.