SASEC Finance Ministers' Meeting

The Finance Ministers of SASEC member countries—Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka—successfully endorsed and launched the SASEC Vision at a meeting on 3 April 2017 in New Delhi, India. The SASEC Vision is the overarching framework and long-term strategy of the partnership.

The Vision sees South Asia as a successful engine of growth driving the SASEC subregion to become Asia’s powerhouse in the 21st Century. The Vision anticipates stepped-up cooperation among SASEC member countries to generate synergizes between the subregion’s natural resources, industries, and infrastructure, potentially generating $70 billion incremental GDP, and 20 million additional employment annually by 2025.

The Meeting:

  • Launched the SASEC Vision Document, reflecting the SASEC member countries’ commitment to align national actions with regional initiatives to achieve common aspirations of sustained and inclusive growth;
  • Presented key features of the SASEC Vision, including country and regional synergies, and flagship initiatives, in an audio-visual presentation; and
  • Issued a Joint Ministerial Statement, which
  • Welcomed Myanmar as SASEC’s newest member;
  • Recalled the achievements of the SASEC program, including improved transport connectivity, better trade facilitation, and enhanced electricity trade and energy security;
  • Noted how the recently-adopted SASEC Operational Plan sharpens strategies in SASEC priority areas, including economic corridor development;
  • Directed the SASEC nodal officials to develop a roadmap to implement the Vision in a participatory and consultative manner; and
  • Recognized the important role of the Asian Development Bank in supporting SASEC, and looked forward to strengthening this partnership, as well as improving engagement with other regional programs.

The Meeting was organized by India's Department of Economic Affairs (DEA), Ministry of Finance, led by Mr. Shaktikanta Das, Secretary, DEA and Alternate Governor, India, who delivered the welcome remarks. Mr. Arun Jaitley, Finance Minister, India, chaired the Meeting. SASEC member country delegations were headed by Finance Ministers and ADB Governors – Mr. Abul Maal Abdul Muhith, Finance Minister, Bangladesh; Mr. Namgay Dorji, Finance Minister, Bhutan; Mr. Ahmed Mazin, Permanent Secretary of Finance and Treasury, Maldives; and Ms. Daw Nwe Nwe Win, Director General, Ministry of Planning and Finance, Myanmar; Mr. Krishna Bahadur Mahara, Deputy Prime Minister, Nepal; and Mr. Ravi Karunanayake, Finance Minister, Sri Lanka;

Mr. Wencai Zhang, Vice President, Asian Development Bank, delivered the opening remarks.

 

Sector: Regional Cooperation

Date: 3 Apr 2017

Location: Delhi, India

Contact Person: Ronald Antonio Q. Butiong
rabutiong@adb.org

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